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The ET Make in India SME Regional Summit is a series of nationwide on-ground events designed to bring together local MSMEs, policymakers, enablers, and key industry stakeholders. View More
The ET Make in India SME Regional Summit in Nagpur, the third one in FY2025-26, brought together a diverse group of industry leaders, SME associations, and small business owners on July 24 to exchange ideas and outline a collective vision for industrial growth and national development. The ET Make in India SME Regional Summit is a series of nationwide on-ground events designed to unite local micro-, small-, and medium-sized enterprises (MSMEs), policymakers, enablers, and key industry stakeholders. The aim is to unravel emerging opportunities, address critical challenges, and foster meaningful knowledge-sharing and networking to drive the next wave of growth for Indian MSMEs. The summit in Nagpur began with an insightful keynote address by Manohar Pote, Regional Head-Nagpur region, MIDC, who spoke on the overall industrial setup of the Nagpur and Vidharba regions as a whole and efforts being made to support MSMEs in the region. ET OnlineSubhash Ingewar, Assistant Director, MSME Development and Facilitation Officer, Nagpur “Over the next 5 to 10 years, Maharashtra is poised to contribute over $1 trillion towards India’s goal of becoming a $5-trillion economy. Every effort is underway to make this vision a reality, with a strong focus on empowering MSMEs, which are central to driving innovation, job creation, and inclusive economic growth across the state,” said Pote. “In Nagpur, while the orange sector holds symbolic significance, its economic contribution remains below potential. In contrast, defence and engineering sectors are witnessing rapid growth, positioning the city as an emerging industrial hub. Looking ahead, lithium battery manufacturing and steel industries are expected to gain strong momentum over the next five years,” added Pote. Live Events Following the keynote, a special address was delivered by Subhash Ingewar, Assistant Director, MSME Development and Facilitation Officer, Nagpur. In his speech, he highlighted the remarkable growth of MSMEs over the years, including their ability to export products. “Our initiatives for MSME development are closely aligned with the vision of Atmanirbhar Bharat. To achieve true self-reliance, we need to foster new ideas, fresh concepts, and innovative thinking. A few years ago, we were dependent on imports for a wide range of products,” said Ingewar. ET OnlineNagaraj Garla, Executive Director, IDBI Bank, spoke about several issues related to the financial constraints of the sector. “Today, thanks to new ideas, innovative concepts, and the rise of start-ups, India is successfully moving towards import substitution. We are not only reducing our dependence on foreign goods but also developing indigenous technologies that are now enabling us to export our products to global markets,” added Ingewar. This was followed by an intriguing fireside chat with Nagaraj Garla, Executive Director, IDBI Bank, on the topic ‘Catalysing Make in India Growth: IDBI Bank’s Strategic Imperatives for Empowering MSMEs.’ Garla spoke about several issues related to the financial constraints of the sector. “If we look at the statistics, the unmet credit demand of MSMEs in India still stands at nearly Rs 30 lakh crore. This presents a massive opportunity for banks and NBFCs to step in and bridge the gap. With continued efforts and focused financial inclusion, we could realistically aim to close this gap within the next five years,” said Garla. He emphasised the various initiatives undertaken by the bank to improve cash flow for MSMEs, highlighting the pivotal role technology has played in achieving this objective. However, he pointed out that access to markets continues to be a major pain point for MSMEs. “The buyer-seller connection is still missing,” Garla noted, stressing the need for strategic tie-ups with a wide range of companies to create a stronger market linkage and boost MSME growth. ET OnlineSujay Sharma, Sales Manager, BIS Channel, Canon India, gave a presentation on ‘Making Business Simple with Canon’. Following that, Sujay Sharma, Sales Manager, BIS Channel, Canon India, gave a presentation on ‘Making Business Simple with Canon’ at the ET Make in India SME Regional Summit in Nagpur. Sharma shared valuable insights on emerging printing technologies that incorporate advanced layers of security. He noted that these innovations could be immensely beneficial for entrepreneurs aiming to create a distinct identity and competitive edge for their businesses. Thereafter, local industry leaders and association heads got together to participate in an engaging panel discussion on ‘Unlocking Vidarbha’s potential: Building a stronger MSME ecosystem in central India.’ Julfesh Shah, Chairman, Chamber of Small Industry Associations ( COSIA ), Vidarbha chapter, was optimistic about the ongoing developments in the industrial ecosystem of the Vidarbha region. “In the next five years, Vidarbha, with Nagpur at its core, is poised to emerge as a major industrial hub for India. I am very optimistic; we can clearly visualise the remarkable industrial growth taking shape here, thanks to the strong support from the government,” said Shah. ET OnlineLocal industry leaders and association heads got together to participate in an engaging session. Prashant Mohta, Managing Director, Gimatex Industries (Textiles) & President, Vidarbha Industries Association , highlighted a few key challenges that must be addressed to accelerate the growth of the textile sector in the Vidarbha region. “There isn’t a single textile university in the Vidarbha region,” noted Mohta. “If we truly want to boost the textile industry here, skill development must be prioritised. Institutional support through dedicated courses and specialised programs is essential to build a skilled workforce and meet the sector’s growing demands.” Mohota also noted that the growth momentum is clearly shifting towards the man-made fibre (MMF) segment, while the competitiveness of cotton is gradually declining. Meanwhile, Prashant Waghmere, DGM & Regional Head, Agricultural and Processed Food Products Export Development Authority (APEDA), discussed the agricultural prowess of the region and work being done on the ground not only in oranges and cotton but also in various other varieties. “We are actively working to increase the share of exportable agri-produce from Nagpur’s orange growers by connecting them with overseas markets,” said Waghmere. “Under our MoU with ICAR, our focus is on capacity building and fostering innovation among agricultural stakeholders.” The final session of the evening was a presentation by Suneed S, General Manager, Credit Solution Centre, IDBI Bank, highlighting the organisation's initiatives, outreach, and tools empowering MSMEs. ET OnlineSuneed S, General Manager, Credit Solution Centre, IDBI Bank, highlighted the organisation's initiatives, outreach, and tools empowering MSMEs. This marked the successful conclusion of the third event in this year’s ET Make in India SME Regional Summit series, held in Nagpur. The summit underscored how MSMEs can harness their core strengths while navigating key challenges through innovation, collaboration, and policy support. Serving as a vital platform, the event brought together industry leaders, policymakers, and small businesses, facilitating valuable insights, networking opportunities, and discussions aimed at driving inclusive and sustainable growth in the region. The event sponsors were IDBI Bank as Banking & Lending Partner and Canon as Tech Enabler. The Summit now heads to Chandigarh on August 7, 2025, for another round of conversations, discussions, and learning in the ET SME Make in India pan-India series.
Coca-Cola’s decision to offer its flagship drink with cane sugar instead of high fructose corn syrup is as much about trade policy as it is about health policy. View More
ArcelorMittal Nippon Steel India has secured a license for steel slag road technology, partnering with CSIR-CRRI. This technology allows the company to process steel slag aggregates for road construction, offering a cost-effective and durable alternative to traditional materials. Steel slag roads are expected to last longer and withstand diverse climates, promoting sustainable use of steel by-products. View More
ArcelorMittal Nippon Steel India (AM/NS India) on Friday said that it has secured the technology licence to market or sell processed steel slag aggregates for road construction. The company can apply the special technology developed by the Council of Scientific and Industrial Research (CSIR) -- Central Road Research Institute (CRRI) to scientifically process steel slag aggregates at its flagship plant in Gujarat for their use in steel slag road building. Steel slag is a waste by-product of steel manufacturing process. In a press briefing here, ArcelorMittal Nippon Steel India said that it has partnered with the Council of Scientific and Industrial Research (CSIR) -- Central Road Research Institute (CRRI) to adopt steel slag road technology that replaces the usage of natural aggregates with processed steel slag aggregates in road construction. Scientifically processed steel slag for roads provides significant advantages over traditional construction materials. The steel slag roads are about 30 to 40 per cent more cost-effective and can last up to three times longer than standard bitumen roads, reducing repair and maintenance needs. Their strength makes them suitable for diverse climate conditions- from coastal regions to rugged terrains. Live Events Steel slag generation is expected to reach 60 million tonnes in next five years, considering the ongoing capacity augmentation in Indian steel plants with an aim to produce 300 million tonnes of steel by 2030-31. The steel ministry is promoting the usage of steel slag road technology and actively collaborating with the Ministry of Science & Technology, and Ministry of Road Transport & Highways to facilitate the large-scale utilisation of the industrial by-product. "We are proud to have received the first license of the technology for steel slag valorization used for conversion of steel slag," Ranjan Dhar, Director and Vice President, Sales & Marketing, ArcelorMittal Nippon Steel India, said. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
India's new trade deal with the UK lacks carbon tax exemptions. This could hurt Indian exports like steel and aluminium starting 2027. The UK will impose carbon taxes following the EU's lead. Ajay Srivastava of GTRI highlights the trade imbalance. Indian exports worth $775 million may face tariffs. India views carbon taxes as discriminatory. View More
The government is exploring mandating public procurement of green steel to facilitate a transition from traditional carbon steel. While the specifics are still being developed, the initiative aims to promote steel production with significantly reduced carbon emissions. The Ministry of Steel is also preparing a Green Steel Mission with a budget of Rs 15,000 crore. View More
,The government is working on modalities to mandate public procurement of green steel , a move towards smoother transition from the traditional carbon steel, a senior official said. Green steel refers to steel produced with significantly reduced carbon emissions compared to traditional methods. "Green steel will be in the market and will be competing with not so green steel," Ashwini Kumar , Economic Adviser in the steel ministry said, adding that "there is need to mandate some kind of public procurement of green steel. We are working on that also." He was addressing the India Steel Conclave 2025 organised by Assocham. "It is a tricky business. I don't know when we will see green steel public procurement coming into force but still modalities are being worked out," he said adding that the government is also working on Green Steel Mission . Live Events He further said that European Union's Carbon Border Adjustment Mechanism ( CBAM ) is against the spirit of free trade agreement. CBAM is the EU's proposed tax on energy-intensive products, such as iron, steel, cement, fertilizers and aluminium imported from countries like India and China. Ministry of Steel is preparing Green Steel Mission with an estimated cost of Rs 15,000 crore for helping the steel industry reduce carbon emission and progress towards the net-zero target. The mission includes PLI scheme for green steel, incentives for use of renewable energy and mandates for government agencies to buy green steel. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The agreement, remarkable in its scope, encompasses 27 chapters covering trade in goods and services, digital trade, telecommunications, financial and professional services, labour mobility, environmental issues, and support for SMEs. View More
On July 24, 2025, Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer signed the landmark India-UK Free Trade Agreement ( FTA ), aimed at strengthening the economic and strategic partnership between the two countries. This long-awaited agreement is expected to enhance bilateral trade, which reached $20.5 billion in 2024, by removing barriers, facilitating investment, improving supply chain resilience, and promoting inclusive development. This Comprehensive Economic and Trade Agreement (CETA), in fact, aims to increase bilateral trade six times, reaching $120 billion by the next five years. The agreement, remarkable in its scope, encompasses 27 chapters covering trade in goods and services, digital trade, telecommunications, financial and professional services, labour mobility, environmental issues, and support for small and medium enterprises (SMEs). Most notably, this is India’s first FTA to include comprehensive chapters on social and developmental issues, such as labour rights, gender, anti-corruption, and development cooperation, setting a progressive benchmark for the country’s future trade negotiations. Additionally, the agreement introduces a reciprocal Double Contribution Convention, enabling portability of social security benefits for professionals and workers moving between the two countries. With the much-anticipated legal text now out, there are three key features of the FTA that stand out. First, India’s exports to the UK, which were previously subject to import duties ranging from 4% to 18%, stood at $12.9 billion in FY24. Under this FTA, nearly 99% of tariff lines will be eliminated, effectively liberalising almost the entire value of Indian exports to the UK. This move is expected to significantly enhance market access and boost the competitiveness of various Indian sectors, including textiles, marine products, leather, footwear, sports goods, cosmetics, toys, alcoholic beverages, gems and jewellery, medical devices, engineering goods, auto parts, and organic chemicals. Tariffs on whisky and gin will be halved from 150% to 75% and then drop down to 40% over a 10-year period. This reflects a broader policy shift in India’s trade policy away from using tariffs as tools for revenue generation towards a more rational, economically grounded tariff structure, which has been due for a long time. Most notably, as an unprecedented move, the FTA will mark the reduction of India’s steep import duties on automobiles from 110% to eventually only 10%. The India-UK FTA has given India the opportunity to move away from protectionist norms in the absence of time-bound sunset clauses that indefinitely shield domestic industries and impact their long-term competitiveness. Second, the India-UK Free Trade Agreement marks a significant stride in India’s progressive alignment with global norms on public procurement. Even though India is not a signatory to the WTO’s plurilateral Agreement on Government Procurement (GPA), this bilateral inclusion is both ambitious and precedent-setting. Apart from a relatively limited commitment made under the India-UAE CEPA, this is the first time India is opening segments of its government procurement market with such breadth and precision. Under the FTA, UK suppliers will be accorded Class II supplier status, contingent upon a minimum of 20% domestic value addition originating in the UK. The agreement sets threshold values at SDR 450,000 for goods and services and SDR 5,000,000 for construction services for UK firms. The chapter on government procurement in the CETA has been carefully calibrated to preserve strategic autonomy. Coverage is limited to select central government ministries and central public sector enterprises (CPSEs), with an indicative list of 28 CPSEs explicitly safeguarded. Sensitive sectors, particularly those related to procurements for defence purposes, agricultural support programmes, and affirmative preference policies under the Public Procurement Policy for Micro and Small Enterprises (MSEs), 2012—remain outside the purview of the agreement. India has also committed to enhanced transparency by agreeing to publish procurement information on central portals, such as the Central Public Procurement Portal (CPPP) and Government e-Marketplace (GeM). These measures can raise quality and performance benchmarks in public procurement in India, fostering greater technological diffusion. Live Events Third, for the first time in the history of any Indian trade agreement, a dedicated chapter on gender has been incorporated, signalling a progressive shift in India’s trade policy. Notably, the preamble of the agreement explicitly acknowledges the objective of enhancing women’s access to and ability to benefit from the opportunities arising from this FTA, with particular emphasis on women from rural areas, marginalised communities, and economically vulnerable backgrounds. This marks a significant step in recognising the critical role of women in economic development and underscores the imperative of promoting their meaningful participation in international trade. The gender chapter outlines a series of cooperation activities, including the collection and exchange of gender-disaggregated data to support evidence-based policymaking, efforts to improve market access for women-led enterprises, the development of trade missions targeted at women, the promotion of workplace flexibility, measures involving the advancement of financial literacy, enhancing access to trade financing for women, and identifying and sharing best practices across both countries. To ensure these commitments yield concrete outcomes, the agreement establishes a dedicated Trade and Gender Equality Working Group, tasked with overseeing cooperation initiatives and ensuring the sustained implementation of gender-related provisions. While no parallel mechanism exists under the SME chapter, its inclusion in the gender chapter signals a deep commitment to advancing opportunities for women workers, entrepreneurs, and business owners in both India and the UK. Notably, with 99% of women-owned enterprises in India classified as micro-enterprises, they stand to benefit significantly from the supportive measures outlined in the SME chapter as well. While this FTA marks a significant leap in India’s trade policy, one critical omission that stands out is the lack of attention to the Carbon Border Adjustment Mechanism (CBAM). Omission of this could result in India’s exports of carbon-intensive goods, especially steel and aluminium, being subjected to additional tariffs, potentially nullifying the benefits gained through tariff concessions. Complementary technology agreements that support carbon-neutral manufacturing would significantly bolster India’s efforts to maintain industrial competitiveness and offset the impact of CBAM. Overall, the India-UK FTA reflects a maturing trade strategy for India, one that values deeper integration into global value chains. Yet, the real test of this agreement lies in its implementation. With transparent and effective execution, this FTA has the potential of becoming the blueprint for India’s next generation of trade agreements. Nisha Taneja is Professor, ICRIER and Nirlipta Rath is Research Assistant, ICRIER. Views are personal.
Tata Steel's IJmuiden plant, known for its high-grade steel, faces challenges from global overproduction and cheap Chinese exports. This situation leads to sinking prices, job cuts, and hinders investments in low-carbon technologies. View More
IJMUIDEN: At Tata Steel 's plant in IJmuiden on the outskirts of Amsterdam, cauldrons of lavalike molten steel are poured into long, thin trays that harden into identical 40-by-4-foot slabs of steel. The end products, though, are strictly haute couture. Every item is made to order: battery casings that do not leak, crumple-zone car parts that absorb the force of a crash, cans that safely preserve food for years. Very few companies in the world can produce this kind of advanced high-grade steel. Even so, Tata is being hit by the same forces that are pummelling every steelmaker: Manufacturers are producing more steel than the world can possibly use. Excess steel production is estimated to reach 721 million tons by 2027, according to the Organisation for Economic Cooperation and Development. One answer would be to simply make less steel. The problem is that no country wants to be the one to stop producing a material that is considered essential to its economic and national security. Live Events Steelmaking has always held an outsize position as a symbol of economic power and prestige. It constitutes the fabric of modern life, used not only for buildings, roads, cars, refrigerators, electronics, forks and screws but also for weaponry, tanks and fighter jets. In Europe, the recognition that the United States can no longer be relied on as the primary guarantor of its security has further underscored steel's critical role in defence. "Steel is fundamental to Britain's industrial strength, to our security and to our identity as a primary global power," Britain's business and trade secretary, Jonathan Reynolds , told Parliament in April when the government passed emergency legislation to take control of the country's last two operational blast furnaces. No country can manufacture everything by itself, said Elisabeth Braw, a senior fellow at the Atlantic Council, a think tank. But when you list the products that you want guaranteed access to at any moment, "steel is one of them," she added. Over the past decade, a flood of cheap steel from China has transformed the global market. The country's mammoth collection of mills -- built in part with government support and often lacking the environmental controls mandated in Europe -- make more steel, as well as aluminum, than the rest of the world combined. As China's economy has slowed, more of these metals have been exported at cutthroat prices. The result is sinking prices, shrinking profits and unemployed workers. Measured by the kilogram, steel costs less than bottled water. Smaller revenues also mean less money to invest in new low-carbon technologies, which are essential to meeting the European Union's climate goals, the Organization for Economic Cooperation and Development warned in May. That has put governments in a tough spot. They want to protect jobs and an industry considered crucial to national security but also keep costs down and avoid having to pay out subsidies. They want to speed the transition to cleaner energy but also keep steelmaking competitive. "This is one of the really problematic remnants of the heydays of globalisation," said Braw. People didn't expect that the market "could be distorted in this way, and especially not in a way that collides with national security interests, but that is where we are." This spring, Tata, an Indian conglomerate, laid off 1,600 people at the IJmuiden plant. Last year, steel manufacturers across the 27 countries in the European Union announced a total of 18,000 job cuts and the closure of 9 million tons of production capacity. And in the first six months of this year, Germany, the bloc's biggest steel producer, saw steel output decline 11.6% -- more than 17 million tons -- from the same period in 2024. The European Union imposes trade penalties intended to stop China from dumping its cheap steel on its markets. But Chinese steel keeps coming, prompting countries that were not traditionally steel exporters, like South Korea and Japan, to join the hunt for buyers elsewhere. "It's a domino effect," said Lucia Sali, head of communications at the European Steel Association . And now, aside from high energy and labor costs, aging technology and fierce competition from China, European steelmakers must also contend with punishing American tariffs. President Donald Trump imposed 50% tariffs on nearly all steel and aluminium imports last month, twice the amount he announced in March, in a bid to protect and pump up American producers. The Trump tariffs not only threaten to significantly reduce the amount of steel Europe can sell in the United States. They also mean other steel producers around the world will be looking to redirect more and more of their exports to Europe, further increasing competition with companies at home. Britain is in a better position than most. Trump exempted British steel from the additional 25% tariff on steel and aluminum and has agreed to remove the remaining 25% tariff in the future. Still, Britain's aging plants are having trouble surviving. This spring, the government took over the British Steel complex in Scunthorpe, an industrial town in northern England. Jingye, the Chinese company that owned the plant, had threatened to shut it down, citing losses of 700,000 pounds a day (about $940,000. Its two blast furnaces are the last in the country to produce steel from scratch using iron ore and coal, rather than from scrap metal. Last year, the government also helped bail out Tata Steel, which runs a large mill at Port Talbot in Wales, with a 500 million pound grant to transition to a greener electric arc furnace that melts recycled steel. In the Netherlands, Tata Steel's plant in IJmuiden is in better shape. The site, which is the size of 1,100 soccer fields and sits next to a public beach, is one of the country's largest industrial employers. The plant is the second largest in Europe. The landscape includes towering smokestacks and miniature mountain ranges made from heaps of iron ore and coal. Tata Steel plans to convert the coal-powered plant to renewable hydrogen by 2030 and is negotiating with the Dutch government for subsidies. And the company continues to invest in the next generation of workers, admitting 150 to 200 people to its training academy each year. But the IJmuiden plant still has headaches. Dutch regulators have been fighting Tata Steel in court over fines and a potential closure of a coke oven because of its toxic emissions. The planned transition to lower-emissions technology will cost billions and take time. At the moment, steel made with green hydrogen in electric arc furnaces and other greener production methods spew far less emissions but cost 30% to 60% more than conventional production, according to various estimates. And then there are the tariffs. Tata said in a statement that 12% of its sales were "U.S. related" and that it passed on most of the 25% tariff that went into effect in March to its American customers, which include Ford Motor, Chrysler, Caterpillar and Duracell. But, the company added, it worries that with 50% tariffs "our steel may become too expensive."
Executive Centre India has filed a ?2,600 crore IPO to support investments in TEC Abu Dhabi and acquisitions in Singapore and Dubai. The premium workspace provider operates 89 centres across seven countries and plans to use proceeds for expansion and corporate purposes. View More
Executive Centre India, a premium provider of flexible workspace solutions , has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) comprising a fresh issue of equity shares aggregating up to Rs 2,600 crore. According to the DRHP, the net proceeds from the IPO will be utilised primarily to invest in its direct subsidiary TEC Abu Dhabi. This investment will help finance the part-payment for the acquisition of TEC Singapore and TEC Dubai, both step-down subsidiaries currently held by corporate promoter TEC Singapore, as part of an internal restructuring agreement. The remaining proceeds will be deployed towards general corporate purposes. Executive Centre India, which began operations in 2008, is part of the larger TEC Group with over 30 years of experience in delivering space-as-a-service. The company operates across 14 cities in seven countries including India, Singapore, UAE (Dubai and Abu Dhabi), Indonesia (Jakarta), Vietnam (Ho Chi Minh City), the Philippines (Manila), and Sri Lanka (Colombo). The company primarily leases bare-shell spaces in Grade A commercial buildings and transforms them into fully managed, tech-enabled premium offices. These are offered as flexible workspace solutions to a diverse clientele including multinational corporations, SMEs and other enterprises. As of March 31, 2025, Executive Centre operated 89 centres, of which 80 had private offices and six offered managed office solutions across India and the Middle East. Its landlord partners include Earnest Towers, Panchshil Corporate Park, Prestige Estates, RMZ, Sattva Group, Dubai World Trade Centre LLC, Alborz Developers (a Bharti Realty subsidiary), Overseas Realty (Ceylon) PLC, MSR Developer, and Olympia Tech Park. Live Events In FY25, the company served more than 1,550 clients, including marquee names such as Anaplan, ArcelorMittal Nippon Steel, Atyeti IT Services, BBVA, Indian School of Business, Hines, Sandvik, Criteo, Crunchyroll, Truecaller, Zscaler, Open Text, and the National Payments Corporation of India. The company reported a net revenue retention rate of 120.33% in FY25, slightly down from 123.92% in FY24, indicating a stable and expanding client base. Notably, Executive Centre served over 1,200 MNC clients in FY25, with an average tenure of 50.46 months and an average of 24 workstations per client. Across new centres launched between FY23 and FY25, pre-sale occupancy averaged 64.33%. Financially, the Executive Centre posted a total income of ₹1322.6 crore in FY25, up 27.59% year on year. The company’s EBITDA rose to ₹713.3 crore in FY25 from ₹583.5 crore in FY24 and ₹468 crore in FY23. Kotak Mahindra Capital Company, ICICI Securities, and Nomura Financial Advisory and Securities (India) are acting as the Book Running Lead Managers to the issue. (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Despite muted returns in broader markets, India’s IPO space has outperformed in 2025, with 27 of 30 listings trading above issue price and delivering average gains of 25%. Strong retail demand, sectoral variety, and attractive valuations are driving momentum in the primary market. View More
In a year marked by cautious sentiment in secondary markets, India’s IPO market has emerged as a surprising outperformer. While benchmark indices like the Nifty and Sensex have delivered modest returns of 6.2% and 5.3% respectively in 2025, fresh listings have raced ahead, offering investors a much-needed alternative. 27 Out of 30 IPOs in Profit So far in 2025, 30 mainboard IPOs have listed, and 27 of them are trading above their issue price. The average return stands at 25%, nearly four times the Nifty’s gain. While gold remains the top-performing asset class with a 31% year-to-date rise, IPOs have come a close second—outshining broader equity markets by a wide margin. Winners of the 2025 IPO Debuts Among the standout performers, Prostarm Info Systems has gained over 112%. Quality Power Electrical has more than doubled, delivering a 104.7% return since its February listing. Other notable gainers include Sambhv Steel Tubes (70.4%), Quadrant Future Tek (63.5%), Belrise Industries (45.2%), and Scoda Tubes (43.8%). At the same time, companies like Ellenbarrie Industrial Gases, Crizac, Anthem Biosciences, and Stallion India Fluorochemicals have delivered gains between 30–40%, despite broader market consolidation. Live Events Meanwhile, only three stocks, Indo Farm Equipment (-2.2%), Capital Infra Trust (-17.7%), and Arisinfra Solutions (-34.3%), have slipped below their issue prices. FPI Interest Remains in Primary Market While foreign portfolio investors (FPIs) have been net sellers in the secondary market this year, their activity in the primary market paints a different picture. According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services , FPIs tend to exit the secondary market when valuations are high but continue to participate in IPOs and QIPs where valuations are perceived as more reasonable. “For 2025 up to July 19, total FPI sell figure stood at Rs 1.10 lakh crore, while buying through the primary market stood at Rs 27,239 crore,” Vijayakumar added. What’s Driving the IPO Momentum? Analysts say the strong IPO run is being driven by a mix of healthy retail participation, attractive pricing, and sectoral diversity. This year’s offerings span a range of sectors—from EVs and clean tech to pharma and industrials—broadening investor appeal. Another factor is valuation. With stretched prices in the secondary market, investors are looking to IPOs for better entry points. Many recent IPOs saw overwhelming demand, with overall subscriptions often crossing 50x, and in some cases, going beyond 100x. Also read: Brigade Hotel Ventures’ Rs 760 crore IPO opens: Should you subscribe or skip? While not every IPO has delivered blockbuster gains, the trend signals a meaningful shift in investor appetite. As long as secondary valuations remain elevated and new companies continue to price their offerings well, the momentum in the primary market is unlikely to fade. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
President Trump has brokered trade agreements with Japan, the Philippines, and Indonesia, lowering proposed tariffs. Negotiations with China are ongoing, potentially extending beyond the August deadline. Despite these deals, tariffs on steel and aluminum remain, and many countries still lack agreements, leading economists to predict a drag on Asian and global economic growth. View More
BANGKOK: US President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the United States. A deal with China is under negotiation, with US Treasury Secretary Scott Bessent saying an August 12 deadline might be postponed again to allow more time for talks. Steep tariffs on US imports of steel and aluminium remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world. The deals reached so far, ahead of Trump's August 1 deadline Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15 per cent tariffs on US imports from Japan, down from Trump's proposed 25 per cent “reciprocal” tariffs. Live Events It was a huge relief for automakers like Toyota Motor Corp and Honda, whose shares jumped by double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia. After meeting with Philippine President Ferdinand Marcos, Jr, Trump said the import tax on products from his country would be subject to a 19 per cent tariff, down just 1 per cent from the earlier threat of a 20 per cent tariff. Indonesia also will face a 19 per cent tariff, down from the 32 per cent rate Trump had recently said would apply, and it committed to eliminating nearly all of its trade barriers for imports of American goods. Earlier, Trump announced that Vietnam's exports would face a 20 per cent tariff, with double that rate for goods transshipped from China, though there has been no formal announcement. Talks with China may be extended Negotiations with China are subject to an August 12 deadline, but it's likely to be extended, Bessent told Fox Business on Tuesday. He said the two sides were due to hold another round of talks, this time in Sweden, early next week. Meanwhile, Trump said a trip to China may happen soon, hinting at efforts to stabilise US-China trade relations. A preliminary agreement announced in June paved the way for China to lift some restrictions on its exports of rare earths, minerals critical for high technology and other manufacturing. In May, the US agreed to drop Trump's 145 per cent tariff rate on Chinese goods to 30 per cent for 90 days, while China agreed to lower its 125 per cent rate on US goods to 10 per cent. The reprieve allowed companies more time to rush to try to beat the potentially higher tariffs, giving a boost to Chinese exports and alleviating some of the pressure on its manufacturing sector. But prolonged uncertainty over what Trump might do has left companies wary about committing to further investment in China. No deals yet for South Korea and other Asian countries Pressure is mounting on some countries in Asia and elsewhere as the August 1 deadline for striking deals approaches. Trump sent letters, posted on Truth Social, outlining higher tariffs some countries will face if they fail to reach agreements. He said they'd face even higher tariffs if they retaliate by raising their own import duties. South Korea's is set at 25 per cent. Imports from Myanmar and Laos would be taxed at 40 per cent, Cambodia and Thailand at 36 per cent, Serbia and Bangladesh at 35 per cent, South Africa and Bosnia and Herzegovina at 30 per cent and Kazakhstan, Malaysia and Tunisia at 25 per cent. The status of talks with India remains unclear but progress appears to hinge on the country's heavily protected farm sector. It faces a 26 per cent tariff. Nearly every country has faced a minimum 10 per cent levy on goods entering the US since April, on top of other sectoral levies. Economists expect tariffs to sap growth even with trade deals Even after Trump has pulled back from the harshest of his threatened tariffs, the onslaught of uncertainty and higher costs for both manufacturers and consumers has raised risks for the regional and global economy. Economists have been downgrading their estimates for growth in 2025 and beyond. The Asian Development Bank said Wednesday it had cut its growth estimate for economies in developing Asia and the Pacific to 4.7 per cent in 2025 and 4.6 per cent in 2026, down 0.2 percentage points and 0.1 percentage points. The outlook for the region could be further dimmed by an escalation of tariffs and trade friction, it said. “Other risks include conflicts and geopolitical tensions that could disrupt global supply chains and raise energy prices,” as well as a deterioration in China's ailing property market. Economists at AMRO were less optimistic, expecting growth for Southeast Asia and other major economies in Asia at 3.8 per cent in 2025 and 3.6 per cent next year. While countries in the region have moved to protect their economies from Trump's trade shock, they face significant uncertainties, said AMRO's chief economist, Dong He. “Uneven progress in tariff negotiations and the potential expansion of tariffs to additional products could further disrupt trade activities and weigh on growth for the region,” he said.