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China seeks WTO panel against India over PLI schemes, flags local content norms in autos and clean tech
Subscribe to enjoy similar stories. NEW DELHI : China has escalated its trade challenge against India at the World Trade Organization (WTO), seeking the establishment of a dispute settlement panel over New Delhi’s production-linked incentive (PLI) schemes for automobiles, batteries and electric vehicles, arguing that they discriminate against imported goods by tying incentives to domestic value addition.
In a communication circulated by the WTO on 16 January, Beijing said that consultations held with India in November 2025 and January 2026 failed to resolve its concerns, prompting it to formally request a panel under WTO dispute settlement rules. The request is expected to be taken up at the next meeting of the WTO’s Dispute Settlement Body on 27 January.
The case sharpens trade tensions between India and China at a time when New Delhi is using industrial policy to reduce import dependence and build domestic manufacturing scale. A WTO ruling against India could force changes to PLI design across sectors, potentially reshaping how emerging economies balance localization goals with global trade commitments.
The dispute targets three flagship schemes rolled out by India under its broader ‘Make in India’ strategy: the PLI scheme for Advanced Chemistry Cell (ACC) battery storage, the PLI scheme for automobiles and auto components, and the scheme to promote manufacturing of electric passenger cars in India. As per the WTO paper reviewed by Mint, China has argued that incentives under these programmes are conditional on the use of domestic over imported goods through domestic value addition requirements.
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21.05 / 10:17
UPS
Art
Booking
wellness
film
How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
markets
UPS
IPO
NVIDIA
SpaceX
Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
Digital
CEO
War
Omnicom
RK Swamy bets on integrated advertising model as global agency giants split media and creative
Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
21.05 / 09:47
markets
IPO
Racing
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SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day
Subscribe to enjoy similar stories.It all happened in one day.Three of the hottest startups in history moved closer Wednesday to becoming trillion-dollar companies. With a fresh filing, SpaceX showed the path to a landmark IPO likely to mint Elon Musk as the world’s first trillionaire.
21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
Subscribe to enjoy similar stories.Foreign investors have spent much of this year cutting exposure to Indian equities, diverting some capital to Taiwan and South Korea amid an AI-driven rally and robust semiconductor earnings. However, recent selling in those East Asian markets has brought the conversation surrounding foreign flows back to India.According to Bloomberg data, Foreign portfolio investors have pulled nearly $23.4 billion from Indian equitiesso far this year, driven by stretched valuations, rupee weakness and softer earnings growth expectations.
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PI Industries’ weak core business keeps investors on edge
Subscribe to enjoy similar stories.PI Industries stock has fallen 11% over the past two trading sessions as pressure in its custom synthesis and manufacturing (CSM) business persisted. CSM revenues have now declined year-on-year for five consecutive quarters. The segment, which contributed about 75% of the agrochemicals maker’s FY26 revenue of ₹6,714 crore, saw revenue fall 16% year-on-year.Weak demand and customers’ shift to just-in-time procurement continued to weigh on the CSM business, where revenue declined 15% in the March quarter (Q4FY26), though that marked an improvement from the 32% drop in Q3FY26.Management said the global crop-protection market remains stuck in a prolonged multi-year downturn, resulting in an uneven recovery.
21.05 / 09:47
markets
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love
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‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre
Subscribe to enjoy similar stories.In the new Netflix documentary series Should I Marry a Murderer?, Caroline Muirhead, a Scottish forensic pathologist, falls in love with Sandy McKellar, a man who, after proposing, reveals to her that he and his brother have committed a homicide. What follows is baffling: Even after Muirhead turns him in to the police, she returns to his side.
21.05 / 08:45
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Secured credit cards: Unlocking credit and building a credit score for millions
Subscribe to enjoy similar stories.There has been growing awareness about credit cards in India, but the number of users still remains low, with 118.6 million credit cards issued as of end-March, a penetration of only 8.5%. This is because of strict credit appraisal processes that leave a large segment of the population underserved.In such a scenario, customers can opt for a secured or fixed deposit (FD)-backed credit card instead of the ubiquitous unsecured card.
21.05 / 08:45
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
UPS
Manufacturing
Mobile
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electronic
Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
