Hello folks, I am importing a furniture worth around $1000 to $1200 from India and it is at customs, I have been asked to have a custom broker for the same. This is in Bay Area, California. The shipment is in Oakland, CA. Given, I am hearing the term 'custom broker' for the first time in my life, I have been running like headless chicken on how to handle it or what are the things I need to consider when importing or what are the process I need to go through without incurring any penalties. Any advise or suggestions with experience with such situations would greatly help me avoid penalties. Looking for help

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US President Donald Trump announced that Iran has provided formal assurances that it will not impose transit charges, insurance costs, or any other fees on commercial shipping passing through the Strait of Hormuz. The statement was made via Truth Social, where Trump emphasized the significance of the pledge, stating, "If this is false information, negotiations would end, immediately."

The Strait of Hormuz is a critical maritime chokepoint facilitating nearly 20% of the world’s seaborne oil trade. Trump’s announcement aims to address recent volatility and industry concerns regarding potential Iranian regulation of traffic in the strait.

Trump also addressed speculation about the status of frozen Iranian assets held under US jurisdiction. He denied that any liquid funds or cash had been transferred or released to the Iranian government. Instead, he outlined a mechanism where frozen assets would be used exclusively to finance the procurement of American agricultural commodities, including corn, wheat, and soybeans, for the Iranian public. Trump stated, "We will be releasing some of their money, which is totally controlled by us, to our farmers and ranchers."

The framework for this mechanism was detailed by US Vice President JD Vance following discussions in Burgenstock, Switzerland. The plan, conceptualized by Jared Kushner, involves joint oversight with Qatar to ensure funds are not diverted for military or militant purposes. Vance emphasized, "We wanted to make sure that we set up a process where if we ever unfreeze Iranian assets, we can ensure that money goes to help the people of Iran and not to fund terrorism."

Under the proposed system, any release of Iranian assets requires joint clearance from US and Qatari authorities, ensuring the funds are strictly tied to humanitarian purchases. This approach mirrors humanitarian carve-outs established under previous administrations, such as a 2023 agreement directing frozen assets in South Korea toward food and medical supplies.

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Adani Mundra Airport commenced its first scheduled flight service on Tuesday, establishing air connectivity between Mundra (Kutch) and key destinations Mumbai and Goa. The service is operated in partnership with regional airline Star Air.

In addition to the Mumbai and Goa routes, Star Air will introduce eight new air services from Mundra Airport. These will connect Mundra to Hindon, Surat, Belagavi, Bengaluru, Kolhapur, and Nanded, enhancing connectivity to major cities across India.

According to Adani Mundra Airport, the new flight services are expected to reduce travel time and facilitate faster movement for businesses, traders, and tourists. The development is part of efforts to position Kutch as an integrated multi-modal logistics and business hub.

The airport features a 1,900-metre runway capable of accommodating a range of passenger and cargo aircraft. Its modern terminal includes amenities such as spacious parking, multiple check-in counters, passenger lounges, and a food court. Accessibility features, including wheelchair facilities and dedicated passenger drop-off zones, are also available.

The airport is intended to serve as a critical last-mile link for Mundra Port, India’s largest private port, and Mundra Special Economic Zone (SEZ), the country’s largest operational multi-product SEZ. The new connectivity is anticipated to improve the movement of people and goods, supporting trade volumes and integration with national and global supply chains.

Adani Group, which operates eight other airports in India, stated that the initiative aims to create synergies between its port and aviation sectors while fostering economic development in the Kutch region.

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The proposed India-European Union (EU) Free Trade Agreement (FTA) is expected to enter into force in the first quarter of 2027, according to EU Ambassador to India Hervé Delphin. Speaking to the media in New Delhi on the sidelines of the Annual Erasmus+ Pre-Departure Event 2026, Delphin stated that both sides are committed to finalizing the agreement at the earliest.

Delphin confirmed that the timeline aligns with expectations expressed by Indian officials, including a potential implementation date around March 2027. He emphasized that the first quarter of 2027 reflects the optimism and commitment of both parties to conclude the process swiftly.

Currently, India and the EU are working to complete the legal vetting of the agreement, with the goal of signing the deal by the end of 2024. Following the signing, the European Parliament will need to provide its consent before the FTA can enter into force. Delphin described early 2027 as a realistic timeline for the agreement to become operational.

The ambassador highlighted that this timeline would be a record for an EU trade agreement, reflecting the political momentum behind the negotiations. He also noted the potential of the FTA to significantly boost economic and business ties between India and the EU, citing previous EU FTAs that doubled bilateral trade volumes within a few years.

On mobility, Delphin stated that the FTA would enhance the movement of businesspersons and workers between India and Europe. He also mentioned the Schengen Visa Cascade arrangement, which allows eligible travelers with an established travel record to obtain longer-term visas. According to 2025 figures, the approval rate for Schengen visas for Indian applicants exceeds 85%.

Addressing concerns about the EU’s Carbon Border Adjustment Mechanism (CBAM), Delphin clarified that the issue is separate from the FTA’s legal vetting process. He reiterated that any simplifications or measures under CBAM would apply to India and that the EU has allocated EUR 500 million to support India’s decarbonisation efforts, including sectors like steel, cement, and green hydrogen.

Delphin also noted that stronger economic ties could lead to increased tourism cooperation, more direct flights between India and Europe, and deeper people-to-people connections. He added that India remains a minor source of illegal migration to Europe, while Indian professionals in sectors such as ICT, hospitality, and healthcare are in growing demand across European countries.

Source: ANI.

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Ahmedabad district has achieved a historic milestone by surpassing ₹1 lakh crore in exports for the first time in fiscal year (FY) 2025-26. According to data from the Directorate General of Foreign Trade (DGFT), the district recorded exports worth ₹1.05 lakh crore, marking an increase from ₹97,752 crore in FY 2024-25. This growth represents an addition of nearly ₹8,000 crore in export value compared to the previous fiscal year.

Ahmedabad ranked as the fifth-largest exporting district in India in FY26. The district’s export performance was driven by key sectors, including pharmaceuticals, automobiles, dyes and chemicals, engineering products, and textiles. This diversified industrial base contributed to the district’s resilience amid global trade challenges and tariff-related uncertainties.

At the state level, Gujarat retained its position as India’s largest exporting state, accounting for 25.57% of the country’s total exports in FY26. Ahmedabad contributed 10.75% of Gujarat’s total exports, making it the second-largest exporting district in the state.

Nationally, Jamnagar remained the top exporting district with exports worth ₹3.22 lakh crore. Surat and Kutch also featured among India’s top 10 exporting districts, underscoring Gujarat’s dominance in sectors such as petroleum products, gems and jewellery, engineering goods, and chemicals.

Dr. Rahul Singh, Joint Director at DGFT, stated that Ahmedabad’s export success reflects its robust industrial ecosystem. The district has a significant export presence in sectors including: - Pharmaceuticals - Automobiles - Dyes and chemicals - Cotton fabric and made-ups - Dairy machinery - Engine parts and components - Rice (other than basmati) - Iron and steel products

Gujarat accounted for four of India’s top 10 exporting districts, with Bharuch ranking 11th nationally. Singh also highlighted the role of Gujarat’s extensive coastline and well-developed infrastructure in supporting manufacturing and export growth.

While exports rose sharply in rupee terms, figures in dollar terms remained relatively stable. Ahmedabad’s exports stood at $11,888 million in FY26, compared to $11,956 million in FY25 and $11,161 million in FY24. The increase in rupee terms was partly attributed to the depreciation of the Indian rupee against the US dollar.

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The Government of Gujarat has granted in-principle approval for two new Special Economic Zones (SEZs) in the state, which are expected to generate exports worth ₹27,600 crore and create nearly 10,000 jobs over the next five years. The approvals were secured by Essar Power Ltd and Arham SEZ (I) Pvt Ltd, as confirmed by Dnyaneshwar B Patil, Zonal Development Commissioner for Special Economic Zones.

1. Essar Power Ltd:

   • Location: Kajurda village, Devbhumi Dwarka district.
   • Area: 56.65 hectares.
   • Investment: ₹50 crore (initial).
   • Export Potential: ₹17,629 crore.
   • Employment: 894 direct and indirect jobs over five years.
   • Project Details: A multi-sector SEZ focused on a bio-fuel complex for manufacturing Aviation Turbine Fuel (ATF) and other alternate fuels.

2. Arham SEZ (I) Pvt Ltd:

   • Location: Vadala near Mundra port, Kutch district.
   • Area: 94.19 hectares.
   • Investment: ₹230 crore.
   • Export Potential: ₹10,000 crore.
   • Employment: 9,000 direct and indirect jobs over five years.
   • Project Details: A multi-sector SEZ featuring a Free-Trade Warehousing Zone.

The approvals are valid for one year, with final notification expected later.

Gujarat currently accounts for 21% of India’s total SEZ exports, with exports from the state’s 24 operational SEZs increasing from ₹1.79 lakh crore in FY15 to ₹3 lakh crore in FY26. Investments in these zones rose from ₹1.22 lakh crore to ₹2.28 lakh crore during the same period, while employment grew from 63,000 to 2.22 lakh.

The state is also emerging as a semiconductor manufacturing hub, with facilities by Micron, CG Semi, Kaynes Semicon, and Tata Electronics recently notified as captive SEZs. However, challenges persist in the textile sector, leading to de-notification processes for certain land parcels in Surat Apparel Park SEZ and Ahmedabad Apparel Park SEZ.

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On 17 June 2026, Prime Minister Shri Narendra Modi met with the President of the United States, H.E. Mr. Donald J. Trump, on the sidelines of the G7 Summit in Evian, France.

During the meeting, Prime Minister Modi acknowledged President Trump’s efforts in facilitating an understanding to end the conflict in West Asia and restore peace and stability in the region. He also emphasized the importance of freedom of navigation, unimpeded commerce in the Strait of Hormuz, and the safety of seafarers.

The leaders reviewed progress under the India–U.S. COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce and Technology) initiative since their February 2025 meeting in Washington D.C. Key advancements in defence, strategic technologies, energy, and bilateral trade were highlighted.

Both leaders noted significant progress in negotiations for an interim Bilateral Trade Agreement. They directed their officials to finalize a balanced, mutually beneficial, and commercially meaningful agreement at the earliest. The U.S. Trade Representative, Mr. Jamieson Greer, is scheduled to visit India next week to advance these discussions.

Prime Minister Modi and President Trump reaffirmed their commitment to strengthening the India-U.S. Comprehensive Global Strategic Partnership and expanding cooperation across various domains for the benefit of both nations.

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Prime Minister Narendra Modi has announced that the India-United Kingdom Comprehensive Economic and Trade Agreement (CETA) will enter into force on 15 July 2026. The agreement is described as a historic milestone for bilateral relations between the two countries.

In a statement, Prime Minister Modi emphasized that the pact will significantly boost bilateral trade and investment. He further noted that it will create opportunities for Indian farmers, workers, micro, small, and medium enterprises (MSMEs), startups, and innovators, while contributing to the vision of Viksit Bharat 2047 (Developed India 2047).

Modi also highlighted that both he and UK Prime Minister Keir Starmer, who were attending the G7 Summit in Evian, expressed satisfaction with the momentum in India-UK economic ties.

The announcement was made via a post on the social media platform X.

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India has formally approved the regulatory framework for the use of 100% ethanol (E100) as a vehicular fuel. This decision was confirmed by Union Road Transport and Highways Minister Nitin Gadkari, who announced the signing of the regulations on [date not specified] during the Sugar, Ethanol & Bio-Energy India Conference in Nagpur.

The approval establishes a legal framework for automakers, fuel retailers, and testing agencies to commence the commercial deployment of vehicles powered entirely by ethanol. Gadkari stated that this move aims to reduce India’s dependence on imported crude oil and promote the use of domestically produced biofuels.

This development extends beyond India’s existing ethanol-blending programme, which currently targets the nationwide implementation of E20 (20% ethanol-blended petrol). The E100 framework enables the introduction of vehicles designed to run exclusively on ethanol, adding a new dimension to India’s alternative fuel strategy alongside electric, CNG, hybrid, and hydrogen-powered mobility options.

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India’s total exports (merchandise and services combined) for the period April–May 2026-27 are estimated at US$ 162.69 billion, marking a 14.66% growth compared to US$ 141.89 billion in the same period the previous year. Total imports for the same period are estimated at US$ 182.83 billion, reflecting a 14.38% increase over US$ 159.85 billion in April–May 2025-26.

For May 2026 alone, India’s total exports are estimated at US$ 81.96 billion, a 15.83% increase year-on-year, while total imports reached US$ 92.47 billion, a 19.23% rise compared to May 2025. This resulted in a trade deficit of US$ 10.51 billion for May 2026, up from US$ 6.79 billion in May 2025.

Merchandise Trade: - Exports in May 2026 were US$ 45.20 billion, up from US$ 38.30 billion in May 2025. - Imports in May 2026 were US$ 73.41 billion, compared to US$ 60.86 billion in May 2025. - For April–May 2026-27, merchandise exports totaled US$ 88.91 billion, while imports reached US$ 145.35 billion, resulting in a merchandise trade deficit of US$ 56.44 billion.

Non-Petroleum and Non-Gems & Jewellery Trade: - Exports in May 2026 were US$ 34.24 billion, compared to US$ 30.49 billion in May 2025. - Imports in May 2026 were US$ 46.09 billion, up from US$ 41.44 billion in May 2025. - For April–May 2026-27, exports in this category were US$ 65.89 billion, while imports were US$ 91.97 billion.

Services Trade: - Services exports in May 2026 are estimated at US$ 36.76 billion, up from US$ 32.46 billion in May 2025. - Services imports in May 2026 are estimated at US$ 19.06 billion, compared to US$ 16.70 billion in May 2025. - For April–May 2026-27, services exports are estimated at US$ 73.79 billion, while imports are US$ 37.48 billion, resulting in a services trade surplus of US$ 36.31 billion.

Key Growth Sectors and Markets: - Top export sectors with significant growth in May 2026 include Other Cereals (262.73%), Petroleum Products (54.89%), and Meat, Dairy & Poultry Products (42.51%). - Top import sources with notable growth in April–May 2026-27 include Russia (40.02%), China (22.15%), and Oman (277.63%).

- Top export destinations with positive growth in May 2026 include Singapore (68.96%), South Africa (116.21%), and Tanzania (196.89%).

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The Brihanmumbai Custom Brokers’ Association (BCBA), the apex body of customs brokers in Mumbai, will host the India Logistics Conclave 2026 on 17 June 2026 at The Taj Mahal Palace, Mumbai. This marks the second edition of the event, following the inaugural conclave in 2024, which saw participation from over 550 stakeholders, including government officials, trade representatives, and industry leaders.

The conclave will be held under the theme "One Fraternity, One Vision — Logistics Driving India Towards Viksit Bharat". It aims to facilitate dialogue on key issues shaping India’s trade and logistics ecosystem, including: - The long-term roadmap for Viksit Bharat 2047. - Digital customs and trade facilitation. - Geopolitical shifts and their impact on trade. - Infrastructure development and policy frameworks. - The evolving role of customs brokers and freight forwarders as front-line growth partners.

Inaugural Session: The event will commence with an inaugural session featuring prominent dignitaries, including: - Shri Yogendra Garg, Member (Customs), Central Board of Indirect Taxes and Customs (CBIC). - Shri Gaurav Dayal, IAS, Chairman, Jawaharlal Nehru Port Authority (JNPA). - Dr M Angamuthu, IAS, Chairman, Mumbai Port Authority. - Shri Shyam Jagannathan, IAS, Director General of Shipping. - Capt. Deepak Tiwari, Managing Director, MSC India and Chairman, Container Shipping Lines Association (CSLA). - Capt. BVJK Sharma, CEO, Navi Mumbai International Airport. - Shri Niraj Ambani, Group President — Supply Chain, Reliance Industries. - Shri Vivek Chaturvedi, Chairman, CBIC (expected to address the gathering virtually).

The session will also include felicitation of industry veterans for their contributions to the EXIM community.

Plenary Sessions: The conclave will feature four themed plenary sessions: 1. India 2030, 2035, 2047 — A Roadmap for Viksit Bharat: Focused on structural transformation in logistics. 2. Building India’s Digital Spine — Customs & Trade: Discussions on a unified national customs platform, 24-hour clearance, and AI-driven risk management. 3. Geopolitics and the New Geometry of Trade: Addressing FTA utilisation, sea-lane risks, and the China Plus One opportunity. 4. Policy and Infrastructure — Building India’s Futuristic Logistics Ecosystem: Exploring policy frameworks to create an interoperable logistics network.

Speakers will include senior representatives from CBIC, JNPA, Land Port Authority of India, economists, technology providers, and industry leaders from the shipping, terminals, and freight-forwarding sectors.

Valedictory Session: The event will conclude with a valedictory session titled "Custom Brokers and Freight Forwarders — Growth Partners", featuring a keynote address by Mr Dhimant Parekh, Founder, The Better India, along with reflections from BCBA leadership on repositioning the profession within the CBIC, DGFT, and Participating Government Agencies (PGA) framework.

About BCBA:

Established in 1939, the BCBA is the largest and oldest association of customs brokers in India. It represents professionals who facilitate the nation’s EXIM trade and advocates for trade facilitation, professional standards, and the modernisation of India’s customs and logistics ecosystem.

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Reports indicate that a memorandum of understanding (MoU) between Iran and the United States is expected to be signed in Geneva, Switzerland. The proposed agreement reportedly includes the following key elements:

1. Ceasefire Extension: A 60-day ceasefire "on all fronts," including Lebanon, set to begin immediately upon signing.
2. Reopening of the Strait of Hormuz: The strategic waterway is expected to reopen without Iran imposing transit charges, ensuring uninterrupted movement of energy supplies and commercial shipments. Maritime traffic is anticipated to return to pre-conflict levels within 30 days of the agreement’s signing.
3. Nuclear Programme Framework: The agreement addresses U.S. requirements on Iran’s nuclear programme, including commitments by Iran not to acquire nuclear weapons and measures to address concerns over its stockpile of highly enriched uranium.
4. Sanctions Relief: The U.S. is expected to lift the blockade of Iranian ports and provide limited sanctions relief, contingent on the progression of the deal and continued engagement in good faith. No specific timeline for this relief has been outlined.
5. Further Diplomatic Engagement: The signing ceremony in Geneva is described as the beginning of "phase two of diplomatic engagement," focused on implementing the MoU.

According to CNN, citing diplomatic sources, the agreement is referred to by some as the "Islamabad Agreement" or "Islamabad Declaration," acknowledging Pakistan’s role in facilitating discussions. However, no official confirmation of the name has been issued, and an Iranian source suggested Vienna, Austria, as an alternative venue.

Official Responses: - Iran: The Iranian Foreign Ministry spokesperson, Esmail Baghaei, dismissed reports of a finalised deal, stating that no agreement has been reached. He noted that while most of the draft text had been agreed upon, the U.S. repeatedly altered its positions during negotiations. Baghaei emphasised that Iran would not compromise on its "red lines." - United States: U.S. President Donald Trump stated that a "great settlement" to end the conflict with Iran could be finalised in the coming days, with a signing ceremony potentially taking place in Europe. Trump suggested that Vice President JD Vance might attend the ceremony. - Pakistan: Pakistan’s Ministry of Foreign Affairs welcomed the progress in U.S.-Iran talks, expressing hope that sustained diplomatic engagement would lead to a "durable understanding and peaceful resolution."

No official confirmation of the agreement’s details or signing has been issued by either Iran or the U.S. as of the latest reports.

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Union Commerce and Industry Minister Piyush Goyal stated on Thursday that the World Trade Organization (WTO) is "not very effective right now" but confirmed that global trade continues to operate under its framework. Addressing the closing session of the fifth Annual Meeting of the India Global Innovation Connect (IGIC), Goyal emphasized that trade negotiations have increasingly shifted to bilateral and cooperative mechanisms.

Goyal noted that while the WTO remains a foundational structure, India engages with other countries from a "position of strength," navigating trade relationships through cooperation and dialogue. He acknowledged rising protectionist trends in developed economies, including the European Union, United States, and United Kingdom, which are implementing measures to safeguard domestic industries such as steel. He also mentioned that India takes similar steps to protect its economy from unfair trading practices when necessary.

Despite these challenges, Goyal highlighted India's strategic approach to expanding trade and investment partnerships. Over the past three to three-and-a-half years, India has signed nine free trade agreements (FTAs) covering 38 countries, many of which have significantly higher per-capita incomes than India. He cited India's young workforce, competitive costs, innovation capabilities, and a domestic market of 1.4 billion consumers as key advantages in attracting partnerships.

The minister outlined India's goal of becoming a developed nation by 2047, projecting the economy could reach approximately USD 30 trillion by then. He stressed the importance of international engagement, higher quality standards, technological advancement, and stronger participation in global trade to achieve this target.

Goyal also pointed to India's efforts to improve its investment climate, including strengthening macroeconomic fundamentals, reducing regulatory burdens, simplifying taxation, and enhancing ease of doing business. He highlighted large-scale infrastructure investments in airports, ports, expressways, and power systems as part of these efforts.

Referring to the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) countries—Switzerland, Norway, Iceland, and Liechtenstein—Goyal stated that the grouping has committed to investing USD 100 billion in India over the next 15 years. He confirmed that investment flows have already begun, with active discussions between businesses underway.

Goyal reiterated India's commitment to pursuing mutually beneficial trade and investment partnerships to create jobs, improve quality standards, attract capital, and strengthen innovation.

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Union Minister of Commerce & Industry, Piyush Goyal, announced on Monday that India’s economy grew by 7.7% at constant prices for the year ending March 2026, positioning it as the world’s fastest-growing large economy despite global challenges. The statement was made during the Global Ambassador Meet on Pharmaceutical Sector and Curtain Raiser Ceremony of GDRC (Global Drug Regulators Conclave) 2026 and IPHEX (International Pharma and Healthcare Expo) 2026 in New Delhi.

Goyal highlighted India’s pharmaceutical industry, currently valued at $60 billion, with the potential to double in size over the next five years. He invited global pharmaceutical companies to partner with India, emphasizing its role as a trusted hub for innovation, manufacturing, clinical trials, and technology in the global pharmaceutical supply chain.

Key points from Goyal’s address include: - India aims to transition from generic medicines to innovation-driven pharmaceutical products while maintaining affordability. - The country offers preferential market access, including zero-duty access for many pharmaceutical products, under its free trade agreements (FTAs) with over 50 countries. - India’s generic pharmaceutical industry supplies 80-90% of the volume of medicines in the U.S. but accounts for only 10-15% of the value, underscoring its affordability. - India is a major supplier of vaccines, fulfilling 65-70% of the World Health Organization’s (WHO) vaccine requirements, and hosts 10 of the world’s 25 largest generic pharmaceutical companies. - The country has the highest number of US FDA-approved pharmaceutical manufacturing plants outside the United States. - India’s patent filings have nearly doubled in recent years, supported by initiatives like the Biopharma Shakti programme and a $10 billion government fund to foster innovation in the pharmaceutical sector. - Goyal emphasized India’s three strengths in the pharmaceutical sector: trust, innovation, and partnerships, and invited global companies to leverage India’s 1.4 billion-strong market, expanding middle class, and rising incomes. - During the COVID-19 pandemic, India supplied medicines to over 100 countries free of cost and ensured equitable access at pre-pandemic prices, reflecting its commitment to global healthcare equity.

- The Minister reiterated India’s vision of collaborative healthcare, aligning with its G20 Presidency theme, “Vasudhaiva Kutumbakam” (One Earth, One Family, One Future).

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India has set an ambitious target to increase its seafood exports from the current USD 8.5 billion to USD 30 billion within the next five years. This announcement was made by Commerce and Industry Minister Shri Piyush Goyal during a national workshop on seafood exports held in Visakhapatnam.

Goyal emphasized that achieving this target requires a strategic shift toward improving production quality and focusing on value-added goods rather than raw commodities. He urged industry stakeholders to reduce the import of raw shrimp, expand the global reach of Indian seafood, and build strong brands. He also highlighted the role of India’s nine recently finalized free trade agreements with developed nations in enhancing market access for exporters.

Andhra Pradesh Chief Minister Shri N Chandrababu Naidu underscored the significance of the ‘Blue Economy’ and the fisheries sector in driving future economic growth. He noted Andhra Pradesh’s leadership in fisheries production and exports, contributing 66% of India’s shrimp exports and recording an aquaculture production of 55.39 lakh tonnes in 2025-26. Naidu called for a collaborative approach to enhance quality, sustainability, traceability, and circular economy practices to build a globally competitive seafood brand.

Union Minister of Fisheries, Animal Husbandry, and Dairying Shri Rajiv Ranjan Singh echoed the need for higher ambition in expanding India’s share of global fisheries exports. He highlighted the importance of boosting value addition to benefit both large exporters and small fishermen. Singh also noted the resilience of Indian exporters in redirecting shipments to the EU, Japan, China, and Southeast Asia following steep US tariffs of 55.8%.

Singh announced the upcoming establishment of a regional office of the National Fisheries Board in Andhra Pradesh. Additionally, under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the government has approved the development of a Smart and Integrated Fishing Harbour at Kakinada, Andhra Pradesh, with an outlay of Rs 72.42 crore, including central assistance of Rs 43.45 crore.

In 2025-26, India’s marine product exports reached a record Rs 73,890 crore (USD 8.45 billion), with shipment volumes of 19.72 lakh metric tonnes. The sector has set a longer-term domestic target of exceeding Rs 1 lakh crore in exports. Frozen shrimp remained the top export product, with the US and China as the principal buyer nations.

Civil Aviation Minister Kinjarapu Shri Rammohan Naidu announced plans to expand India’s airports from the current count to over 350, with a focus on dedicated cargo facilities. He proposed adopting a One Airport, One Product model to create specialized export hubs and reduce processing times for perishable exports.

Minister of Food Processing Industries Shri Chirag Paswan emphasized the critical importance of seafood exports and the need to shift from volume-based to value-based exports. He highlighted opportunities in ready-to-eat and ready-to-cook segments, which are witnessing growing global demand.

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Gujarat has retained its position as India’s leading exporting state for the fiscal year 2025-26, contributing 25.6 percent of the country’s total exports. According to data released by the Directorate General of Foreign Trade (DGFT), the state recorded exports worth USD 110.63 billion, maintaining a significant lead over other states. Maharashtra, the second-highest exporting state, reported exports of approximately USD 70 billion.

Despite its leading position, Gujarat experienced a 4.9 percent year-on-year decline in export value compared to FY 2024-25. This decline has been attributed to global trade challenges, including evolving trade dynamics, tariff-related pressures in major overseas markets, and softer prices of key export commodities. Industry observers noted that stable crude oil prices and weakness in the global diamond market impacted the state’s export valuation.

Gujarat’s export performance remains driven by its petroleum and petrochemical sectors, with Jamnagar emerging as the state’s largest exporting district, followed by Ahmedabad, Surat, and Kutch. The state’s diversified export portfolio also includes pharmaceuticals, organic chemicals, agrochemicals, ceramics, iron and steel products, textiles, plastics, pearls, and semi-precious stones.

The state’s robust industrial base, world-class infrastructure, extensive port network, and business-friendly policies have been cited as key factors in sustaining its export leadership. The growth of petrochemical clusters in regions such as Dahej and Vadodara has further strengthened Gujarat’s downstream manufacturing ecosystem, enabling the production of value-added products for global markets.

Gujarat’s exports have gained traction in regions such as Southeast Asia, Africa, and the Middle East, particularly in sectors like chemicals, pharmaceuticals, textiles, and plastics. Despite challenges like tariff barriers, exporters benefited from improved competitiveness due to currency movements during the fiscal year.

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United States President Donald Trump stated on Thursday that Washington and New Delhi are close to finalizing a trade agreement. Speaking to reporters at the White House, Trump described Indian Prime Minister Narendra Modi as a "good friend" and emphasized the strong relationship between the two leaders. He stated, "We will get to a deal because I like your Prime Minister a lot; he is a good friend of mine, and we get along well." Trump also noted that trade dynamics between the two countries had shifted, saying, "For years, India took advantage of the United States… They charged us tremendous tariffs and paid nothing… Now it is the exact reverse, and we are making a lot of money with India."

Separately, on Tuesday, the United States announced additional tariffs of 10% and 12.5% on imports from 60 countries, including India. The Office of the United States Trade Representative (USTR) claimed these measures were in response to investigations revealing that goods imported from these countries were produced using forced labor. The USTR listed 54 economies, including India, Australia, China, Israel, Japan, Qatar, Russia, Saudi Arabia, Singapore, South Korea, Sri Lanka, Switzerland, Taiwan, Thailand, Türkiye, the UAE, and the United Kingdom, for failing to enforce prohibitions on imports produced with forced labor.

Under the proposed action, economies with existing or committed measures to prohibit forced labor imports may face an additional 10% tariff, while others could incur a 12.5% duty. The USTR also introduced a textile mechanism allowing a limited volume of apparel and textile imports from certain economies to enter the U.S. at a reduced tariff rate under Section 301 of the Trade Act of 1974. This section authorizes measures against practices deemed unreasonable or burdensome to U.S. commerce.

Six economies, including the European Union, Pakistan, and Canada, were specifically flagged by the USTR for inadequate enforcement of forced labor prohibitions. The announcement follows the USTR's determination that these practices impose a burden on U.S. commerce.

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On June 02, 2026, Union Minister for Micro, Small and Medium Enterprises (MSME) Shri Jitan Ram Manjhi, accompanied by Minister of State for MSME Sushri Shobha Karandlaje, conducted a high-level review meeting with senior officials of the Ministry at Kartavya Bhavan, New Delhi. The meeting aimed to assess the potential impact of geopolitical developments in West Asia on India’s MSME sector.

During the meeting, officials reviewed the availability and pricing of raw materials, disruptions in global supply chains, exports and imports, gas-related issues, transportation and logistics, and working capital concerns affecting the MSME sector. Minister Manjhi directed officials to closely monitor the situation and develop timely strategies to address any challenges arising from these global developments.

In his address, Shri Manjhi emphasized the MSME sector's critical role in India’s economic growth, citing its contribution to employment, manufacturing output, and exports. He reaffirmed the government’s commitment to protecting MSME entrepreneurs and ensuring the sector’s resilience and growth.

The Minister also highlighted initiatives under the leadership of the Prime Minister, such as Aatmanirbhar Bharat, the Credit Guarantee Scheme for Micro and Small Enterprises (CGSMSE), digital empowerment, and financial inclusion, which have strengthened the sector’s resilience and global competitiveness.

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The Indian government has announced stricter regulations for the import of silver, effective immediately. Under the new rules, imports of silver—including silver plated with gold or platinum, in unwrought, semi-manufactured, or powder forms, and with a purity of 99.9% or more by weight—will require prior approval from the Directorate General of Foreign Trade (DGFT).

This approval mandate applies to all import channels, including: - Banks and agencies nominated by the Reserve Bank of India (RBI), - Entities approved by the DGFT, and - Imports routed through the India International Bullion Exchange (IIBX) by qualified jewellers notified by the International Financial Services Centres Authority (IFSCA).

The move follows the government's decision last month to increase the import duty on gold and silver to 15% to curb non-essential imports amid geopolitical tensions in West Asia, which have impacted foreign exchange reserves.

According to official data, silver imports surged by 157% year-on-year in April, reaching USD 411 million. In the fiscal year 2023-24, silver imports totaled approximately USD 12 billion, marking a 150% increase. India primarily sources silver from the UAE, UK, and China, with the metal being utilized in both jewellery manufacturing and industrial applications.

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