US, India Unveil Interim Trade Pact Slashing Tariffs and Expanding Market Access
美國和印度公佈臨時貿易協議，大幅削減關稅並擴大市場准入
The United States and India on Saturday announced a framework for an Interim Agreement on reciprocal and mutually beneficial trade, cutting overall US tariffs on Indian goods from 50% to 18% and setting the stage for a comprehensive Bilateral Trade Agreement (BTA). Unveiled in a joint White House statement, the deal follows recent signals of a breakthrough from US President Donald Trump, who described the outcome as “balanced and tough but fair.” India agreed to address long-standing non-tariff barriers affecting sectors such as medical devices, ICT imports, and food and agricultural products, while both sides committed to discussions on standards, conformity assessment, and rules of origin to ensure the benefits flow mainly to domestic firms.
The framework also features India’s intent to purchase about $500 billion worth of US energy products, aircraft, technology goods, precious metals and coking coal over five years, alongside expanded cooperation in digital trade and advanced technologies, including data centre equipment and GPUs. Beyond commerce, the pact underscores deeper strategic alignment, with commitments on supply chain resilience, export controls, and countering non-market policies of third countries. For non-Indian companies, the agreement is relevant because it could reshape global supply chains and standards regimes, potentially lowering compliance costs for firms aligned with US or international benchmarks and creating new opportunities—and competitive pressures—in sectors such as technology, energy, aviation and agribusiness.
編者按：美國和印度宣布達成一項臨時貿易協定，將美國對印度商品的關稅從50%降至18%，並為全面的雙邊貿易協定鋪路。該協定包括印度計劃在五年內購買價值5,000億美元的美國產品，擴大在技術、能源、航空和供應鏈韌性等領域的合作。
India Boosts Electronics Manufacturing with ₹40,000-Crore Push, Exports Surge
印度斥資4000億盧比大力扶持電子製造業，刺激出口
India’s electronics manufacturing sector is entering a new phase of expansion after the Union Budget 2026–27 raised the outlay for the Electronics Components Manufacturing Scheme (ECMS) to ₹40,000 crore, underlining a stronger policy thrust to deepen domestic production. Over the past decade, electronics output has grown nearly six-fold to ₹11.3 lakh crore in 2024–25, while exports have jumped eight-fold to ₹3.27 lakh crore, making electronics the country’s third-largest and fastest-growing export category. Mobile phones have driven much of this growth, with production rising 28 times since 2014–15 and exports reaching ₹2 lakh crore in 2024–25, positioning India as the world’s second-largest mobile phone manufacturer with more than 300 production units.
Notified in April 2025, ECMS aims to build a self-sustaining ecosystem for components, sub-assemblies and raw materials, complementing the India Semiconductor Mission and integrating Indian firms more closely into global value chains. As of December 2025, investment commitments under the scheme are projected at over ₹1.15 lakh crore, with expected production of more than ₹10.3 lakh crore over six years and over 1.4 lakh direct jobs. Forty-six applications have already been approved across 11 states, covering products such as PCBs, camera modules, connectors and optical components. For non-Indian companies, the scheme is significant because it creates a larger, policy-backed manufacturing base with improving standards and scale, opening opportunities for global suppliers, technology partners and investors to plug into India-based production networks while also intensifying competition in export markets such as electronics, smartphones and IT hardware.
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2222519®=3&lang=1
編按：印度已將其電子元件製造計劃（ECMS）規模擴大至4000億盧比，旨在推動國內生產，並將電子產品打造為該國第三大的出口品項，行動電話正是主要代表。該計劃已獲得超過1.15兆盧比的投資承諾，11個邦批准了46個項目，目標是要建立一個永續的生態系統，融入全球價值鏈，創造14萬個直接就業機會。
India Rolls Out ₹7,280-Crore Rare Earth Magnet Plan, Sets Up Dedicated Corridors
印度推出價值728億盧比的稀土磁體計劃，並建立專用走廊
India is moving to build a domestic ecosystem for Rare Earth Permanent Magnets (REPMs) with the approval of a ₹7,280 crore manufacturing scheme and the announcement of Dedicated Rare Earth Corridors in Odisha, Kerala, Andhra Pradesh and Tamil Nadu in the Union Budget 2026–27. The scheme, cleared in November 2025, aims to create 6,000 tonnes per annum of integrated capacity covering the full value chain from rare-earth oxides to finished magnets, supported by sales-linked incentives and capital subsidies. These measures are aligned with national goals of Atmanirbhar Bharat, Net Zero 2070 and Viksit Bharat @2047, and seek to reduce heavy import dependence, as most of India’s permanent magnet demand has so far been met by overseas suppliers, mainly China.
The corridors will focus on mining, processing, research and manufacturing, leveraging India’s substantial reserves of rare-earth minerals, including monazite deposits across coastal and inland regions, and existing facilities operated by IREL (India) Limited in Odisha and Kerala. With demand for rare earth magnets expected to double by 2030 due to growth in electric vehicles, renewable energy, electronics and defence, the government aims to integrate India more deeply into global advanced-materials value chains while strengthening supply security for strategic sectors. For non-Indian companies, the initiative is significant because it could reshape sourcing patterns and standards in critical materials, creating opportunities for technology partnerships, equipment suppliers and investors to participate in India-based production networks, while also introducing a new competitive manufacturing hub in the global rare earth and magnet supply chain.
https://www.pib.gov.in/PressNoteDetails.aspx?NoteId=157165&ModuleId=3®=3&lang=1
編按：印度已批准一項728億盧比的計劃，旨在建造稀土長效磁體的國內生態系統，目標是年產能達到6000噸，並減少對進口的依賴。在奧里薩邦、喀拉拉邦、安得拉邦和泰米爾納德邦設立的專用走廊將支持採礦、加工和製造，使印度成為全球先進材料供應鏈中具競爭力的中心。
Nasscom Report: 60% of Indian Firms Confident in Scaling AI Responsibly, Gaps Persist
印度軟體和服務業企業協會（NASSCOM）報告：60%的印度企業對負責任地擴展人工智慧應用充滿信心，但差距仍然存在。
Indian businesses are accelerating their adoption of responsible artificial intelligence, with nearly 60% of companies now confident in scaling AI responsibly and having mature frameworks in place, according to Nasscom’s State of Responsible AI in India 2025 report released on Wednesday. Based on a survey of 574 senior executives, the study shows sharp progress since 2023, with 30% of organisations establishing mature responsible AI practices and 45% actively implementing formal frameworks. Large enterprises lead with 46% maturity, compared with 20% among SMEs and 16% among startups. Financial services emerged as the most advanced sector at 35% maturity, followed by technology, media and telecom at 31%, and healthcare at 18%, highlighting a close link between overall AI capability and the strength of responsible AI governance.
Despite the gains, companies continue to face operational and ethical risks, with hallucinations cited by 56% of respondents as the most common problem, followed by privacy violations (36%), lack of explainability (35%) and unintended bias (29%). Barriers to implementation include shortages of high-quality data, regulatory uncertainty and limited skilled talent. Nearly 90% of firms are investing in workforce training, while accountability for responsible AI is increasingly being placed at senior leadership levels. For non-Indian companies, the findings matter because India is emerging as a large test bed for enterprise AI deployment and governance, meaning that evolving Indian practices and standards could influence global compliance expectations, cross-border technology partnerships and the design of AI systems used in finance, healthcare and digital services worldwide.
編按：Nasscom發布的《2025年印度負責任的人工智慧產業現況》報告顯示，近60%的印度企業對負責任地擴展人工智慧規模充滿信心，其中大型企業和金融服務業的成熟度最高。儘管企業在相關的員工訓練和領導權責投入巨資，但諸如對ＡＩ的虛幻妄想、隱私的風險、解釋力的匱乏以及人才的短缺等挑戰依然存在。
India’s 2026–27 Budget Bets on Infrastructure and Manufacturing Amid Global Trade Uncertainty
在全球貿易不確定性加劇的情況下，印度2026-27財政年度預算將重點放在基礎建設和製造業
India’s government has unveiled its 2026–27 Union Budget, projecting steady growth despite global turbulence caused by tariff wars and slowing trade. Finance Minister Nirmala Sitharaman set total expenditure at about $583 billion, with a strong focus on infrastructure and domestic manufacturing, as the economy faces the impact of steep US tariffs linked to India’s imports of Russian oil. The Economic Survey pegs GDP growth at 6.8–7.2 percent for the coming fiscal year starting April 1, slightly below the current year’s 7.4 percent but still among the fastest globally. Infrastructure spending will rise to ₹12.2 trillion ($133 billion), while the government plans to boost manufacturing in seven strategic sectors, including pharmaceuticals, semiconductors, rare-earth magnets, chemicals, capital goods, textiles and sports goods, alongside investments in emerging areas such as artificial intelligence.
At the same time, New Delhi aims to maintain fiscal discipline, targeting a reduction in the fiscal deficit to 4.3 percent of GDP and a marginal decline in the debt-to-GDP ratio, while avoiding major populist measures. Prime Minister Narendra Modi said the focus was on long-term solutions to strengthen India’s role in global supply chains, even as the rupee has weakened sharply amid heavy foreign portfolio outflows. Analysts described the budget as cautious rather than expansionary, prioritising resilience over stimulus. For non-Indian companies, the budget is relevant because it signals continued policy support for infrastructure, manufacturing and advanced technologies, creating potential opportunities for foreign suppliers, investors and partners in sectors such as semiconductors, chemicals and AI, while also shaping how India positions itself within shifting global trade and supply chain networks.
編按：印度2026-2027財政年度聯邦預算將政府支出設定為5,830億美元，優先發展基礎建設，預算為12.2兆盧比，並大力發展半導體、製藥和稀土磁體等製造業，同時預期GDP成長率為6.8%-7.2%。政府也計劃將財政赤字削減至GDP的4.3%，並加強供應鏈韌性，為全球投資者在印度投入先進技術和製造業領域提供了機會。
India Budget Clears Tax Hurdle for Apple, Eases Machinery Supply to Local Electronics Manufacturers
印度預算案移除蘋果等公司的稅務障礙，放寬外商對本地電子製造商提供生產機械的限制。
India’s Union Budget 2026–27 has delivered a key policy boost to global electronics firms such as Apple by allowing foreign companies to supply manufacturing machinery to their Indian contract manufacturers for up to five years without triggering tax exposure. Finance Minister Nirmala Sitharaman clarified that mere ownership of capital goods, equipment or tooling by a foreign entity will not, by itself, create a taxable “business connection” in India. The move addresses long-standing concerns raised by Apple, which had warned that income-tax rules could undermine its expansion plans by treating ownership of high-end equipment as a taxable presence. Under the new provision, income arising from providing machinery to Indian contract manufacturers will be exempt from tax until 2030–31, provided the units operate in customs-bonded zones.
The exemption is aimed at boosting toll manufacturing and electronics exports, though goods sold into the domestic market from bonded zones will still attract import duties. Industry groups said the measure would reduce compliance friction, ease capital constraints and improve India’s competitiveness against established manufacturing hubs such as China. Analysts noted that the policy could accelerate Apple’s efforts to deepen its India supply chain and raise local value addition in iPhone production, as well as support the growth of domestic capital equipment suppliers. For non-Indian companies, the change is significant because it lowers tax risk for overseas firms investing in India-based manufacturing ecosystems, potentially making the country a more attractive base for export-oriented electronics production while reshaping global supply chain strategies away from overdependence on China.
編按：印度2026-2027財政年度聯邦預算案規定，像蘋果等外國公司向印度代工製造商供應生產設備時，如果位於保稅區內，則可享有長達五年的免稅。此舉旨在減少合規摩擦，促進電子產品出口，強化印度相對於中國等其他製造中心的競爭力，同時鼓勵更深層的供應鏈整合。