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FICCI Leaders Back Strategic Reset in India–US Trade Ties

A recent panel discussion on CNBC-TV18 brought together leading voices from the Federation of Indian Chambers of Commerce & Industry (FICCI) to examine the implications of the evolving India–US trade framework and the significance of reciprocal tariff reductions.

The discussion featured senior industry leaders including Subhrakant Panda, Past President of FICCI and Managing Director of Indian Metals & Ferro Alloys Ltd., alongside Anant Goenka, President of FICCI, Vijay Sankar, Senior Vice President, and Puneet Dalmia, Vice President. Together, they presented a collective industry perspective on how the recalibration of tariff structures could reshape India’s global trade positioning.

The panel highlighted that trade agreements are fundamentally built on reciprocity, requiring a balance between concessions and opportunity. According to Subhrakant Panda, the reduction of tariffs to around 18 percent — significantly lower than earlier levels — offers a meaningful competitive advantage for Indian exporters, particularly MSMEs operating in labour-intensive sectors. Given that the United States remains India’s largest trading partner, such developments are expected to strengthen India’s integration into global supply chains.

Echoing this perspective, Anant Goenka emphasized the importance of pragmatic engagement in trade negotiations, noting that access to the world’s largest consumer market holds far greater strategic value than short-term concessions. Vijay Sankar observed that policy shifts of this nature enhance India’s standing against competing economies, while Puneet Dalmia pointed to the long-term industrial gains, highlighting how sustained global market access can reinforce domestic manufacturing and export-led growth.

Collectively, the leaders underscored that this tariff recalibration should not be viewed merely as a transactional adjustment but as a structural opportunity for India’s economic future. By securing relatively favourable tariff positioning compared to many emerging economies, India is now better placed to strengthen labour-driven export sectors, enable deeper MSME participation in global trade, and advance supply chain diversification strategies such as the widely discussed “China+1” approach.

The presence of FICCI’s senior leadership in mainstream economic discourse reflects the increasingly influential role of industry institutions in shaping policy conversations. Through their shared insights, Panda, Goenka, Sankar, and Dalmia reinforced a central message: India’s trade trajectory will ultimately depend not only on negotiation outcomes but also on how effectively industry harnesses the opportunities that emerge from a rapidly evolving global landscape.

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India’s Metal & Mining Sector Delivers Standout Q3 FY’26 Performance

The third quarter of FY 2025–26 delivered robust performance across key Indian metal and mining companies, with Indian Metals & Ferro Alloys Ltd, Vedanta Ltd., and its key subsidiary Hindustan Zinc Ltd. posting upbeat earnings, healthy margin expansion, and strategic growth commentary. This narrative underscores the continued resilience of India’s metals ecosystem amid favourable commodities demand and operational execution.

Indian Metals & Ferro Alloys Ltd: Strategic Growth & Margin Expansion

Indian Metals & Ferro Alloys Ltd reported strong Q3 FY’26 results, reflecting improved profitability and strategic thrust on future capacity growth. The company’s financials for the quarter ended December 31, 2025 showed:

Revenue: ₹724.57 crore (up ~9.7% YoY)

Net Profit: ₹131.29 crore (up ~40.7% YoY)

Net Profit Margin: 18.12% (vs 14.13% YoY)

In the recent earnings call, management highlighted that improved ferrochrome realizations were the key driver of elevated EBITDA and profit growth, even as power costs saw modest upward pressure due to coal price movements. The company also confirmed that strategic initiatives including the Tata Steel ferrochrome plant acquisition and the Kalinganagar greenfield expansion are progressing, with commissioning timelines set in 2026. Management expressed confidence that these projects will substantially boost volumes and profitability in FY ’27 and beyond.

Overall, IMFA remains strategically positioned with healthy cash reserves, disciplined capital allocation, and a roadmap targeting volume expansion to ~400,000 tonnes in FY27 and further to 475,000–500,000 tonnes by FY28.

Vedanta Ltd.: Record Revenues & Profit Growth

Vedanta Ltd., one of India’s largest diversified resource companies, delivered one of its strongest quarterly performances in Q3 FY’26, showcasing:

Net Profit: ₹7,807 crore, up ~60% YoY

Revenue: ₹45,899 crore, up ~19% YoY

EBITDA: ₹15,171 crore (record), up ~34% YoY

EBITDA Margin: ~41%

The company achieved all-time high quarterly revenue and EBITDA, driven by improved operating leverage, cost efficiencies, and robust commodity prices. Businesses like aluminium and zinc delivered standout performance, with aluminium seeing strong production growth and zinc benefiting from record mined output and favourable silver contributions.

Vedanta’s management emphasized strategic developments, including the ongoing corporate demerger aimed at unlocking long-term shareholder value through focused verticals. Additionally, the company reported an improvement in leverage metrics and reaffirmed its credit ratings, signaling a strengthening balance sheet.

Hindustan Zinc Ltd.: Record Q3 for Revenue & Profit

Hindustan Zinc Ltd. a key Vedanta subsidiary and one of the largest integrated zinc producers globally posted a remarkable Q3 FY’26 performance:

Revenue from operations: ₹10,627 crore

Net Profit: ₹3,916 crore

Operating Margin: ~47%

Record Mined & Refined Metal Production

HZL’s third quarter was notable both for strong earnings and operational excellence. It achieved record production volumes and benefited from a sustained upswing in commodity prices, particularly in silver which contributed significantly to profitability. The company also reduced zinc production costs to five-year lows, fuelling industry-leading EBITDA margins.

The Board approved a generous interim dividend of ₹10 per equity share, reflecting confidence in long-term cash flows and shareholder returns.

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Voices United on National Pollution Control Day

Every December 2, India remembers the Bhopal tragedy and renews its commitment to fight pollution. This year, four professionals shared thoughtful reflections on LinkedIn, each bringing a unique perspective without turning the day into a promotional event.

Rajeev YSR highlighted the human cost of pollution, pointing out that while PM2.5 levels dropped 27% in many cities between 2019 and 2024, hundreds of districts still breathe unsafe air. He urged simple, everyday actions clean mobility and conscious choices as practical ways to protect health and the planet.

Sumit A. Shah of Think Health framed pollution control as a non-negotiable duty. From cleaner air and water to better waste management, he stressed that every small effort adds up to a healthier nation.

Subhrakant Panda, from the mining and metals industry, showed that industry can lead by example. His company has invested in advanced pollution-control systems, built Odisha’s first captive solar plant, turned fly ash into eco-friendly material, and recently secured 110 MW of renewable energy proof that responsible business and environmental care can go hand in hand.

Dr. Rashmi Gupta, a doctor, reminded everyone of the direct impact on human bodies: polluted air quietly damages lungs and hearts, even in healthy people. She called for collective awareness and action to create safer environments for all.

Four different voices Rajeev YSR, Sumit A. Shah, Subhrakant Panda, and Dr. Rashmi Gupta yet one clear message: pollution control is everyone’s responsibility, built through daily choices, innovation, and shared resolve.

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8.2% and counting: India’s Q2 FY26 GDP print reaffirms its outlier growth story

India’s economy delivered a strong performance in the second quarter of fiscal year 2026 (July-September 2025), clocking a GDP growth of 8.2% well above earlier forecasts and the fastest pace in six quarters. This robust expansion, fueled by domestic demand and key sectors like manufacturing and services, has sparked optimism among experts. Four professionals shared their insights on LinkedIn, highlighting the drivers, challenges, and future potential of this growth story.

Parikshit Dhume, an economic commentator, had earlier projected around 7.3% growth based on economist consensus, pointing to a rural rebound, easing inflation, pre-festive stocking, and government spending as key boosters. He emphasized the broad-based nature of the momentum, spanning agriculture, manufacturing, construction, and both rural and urban consumption, making India’s recovery more inclusive and less reliant on cities alone.

Ashutosh Singh Chandel, a policy analyst, celebrated the actual 8.2% figure as an “upside surprise,” noting it pushed half-year (H1) growth to about 8%, keeping India as the world’s fastest-growing major economy despite external shocks like a 50% US tariff hike. He credited private consumption and investments rather than just government outlays for the surge, amplified by GST cuts, festive spending, and ultra-low inflation below 2%. However, Chandel cautioned about sustainability, citing urban-heavy growth, lagging rural areas, one-off factors, and data quality concerns flagged by the IMF with a “C” grade rating.

Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Ltd., viewed the 8.2% print as proof of India’s resilience amid global uncertainty. He praised ongoing reforms like GST 2.0 and labor laws for sustaining this momentum, aligning with Prime Minister Narendra Modi’s vision of a self-reliant India on track to become the world’s third-largest economy through smart policies and execution.

CA. Kalpesh Gosar, a chartered accountant, focused on the drivers behind the 8.2% surge: a manufacturing rebound and strong services, powered by festival-season demand. Despite Trump-era tariffs, he noted economists now eye full-year growth above 7%, with FY26 projections at 7.2%. Gosar highlighted a wrinkle nominal GDP growth at 8.7%, just 0.5% above real growth flagging potential risks to corporate finances if inflation picks up.

Overall, these voices paint a picture of cautious excitement: India’s economy is firing on multiple cylinders, but sustaining 8%+ growth will demand deeper rural revival, export diversification, and reliable data. As the nation navigates tariffs and global headwinds, this quarter’s success underscores its potential for steady, inclusive progress.

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India’s Big Labour Shift: Understanding the New Four Labour Codes

India’s landmark enforcement of the four Labour Codes on November 21, 2025, has drawn widespread acclaim and analysis from leaders across government and industry, all rallying under the slogan “Shramev Jayate,” meaning “Glory to Labour.” Prime Minister Narendra Modi has declared the reforms the most progressive labour transformation since independence, asserting they ensure minimum wages, universal social security, and a safer workplace, especially empowering women and youth.

Big business leaders like Subhrakant Panda, Managing Director of IMFA, praised the move as a transformative shift that expands social protection and fosters economic growth through a future-ready labour ecosystem. Union ministers such as Mansukh Mandaviya and S. Jaishankar have highlighted the codes’ inclusive approach, covering gig and migrant workers, removing barriers for women, and creating streamlined compliance for industries. State leaders from Tamil Nadu, Kerala, and Karnataka have echoed support, noting bipartisan impact and regional benefits.

By consolidating 29 fragmented laws into four modern codes, the government and stakeholders signal a unified push for worker dignity, business ease, and national progress, truly embodying the spirit of “Shramev Jayate” in India’s new labour era.

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How Indian Farmers Are Changing the Game with Maize and Sustainability

Sustainable maize cultivation is transforming rural India by boosting farmer incomes, improving food security, and promoting environmental stewardship. Scientific advances such as high-yield hybrid seeds, mechanized equipment, and modern agronomy are making maize farming more productive and resilient.

IMFA and BIPF: Community-Centered Progress

Indian Metals & Ferro Alloys Ltd (IMFA) MD Subhrakant Panda and its CSR arm, the Bansidhar & Ila Panda Foundation (BIPF), led by Shaifalika Panda, focus on empowering farmers in Odisha through training, demonstration plots, and resource support. Their community-driven efforts have raised productivity, diversified incomes, and enhanced nutrition for thousands of farmers, fostering sustainable rural development.

Godrej Agrovet: Innovation for Scale

Godrej Agrovet, under CEO and MD Sunil Kataria, advances maize cultivation nationwide with innovative crop protection products like the Ashitaka herbicide, developed with ISK Japan. This selective herbicide effectively controls weeds, improving yields and grain quality, especially in rain-fed regions across Telangana, Karnataka, and Tamil Nadu. Alongside hybrid seeds and farmer partnerships, Godrej Agrovet strengthens India’s maize ecosystem from farm to feed mill.

A Collaborative Future

Together, IMFA/BIPF and Godrej Agrovet exemplify how aligned corporate leadership and community engagement drive sustainable agricultural growth. Their combined initiatives empower rural farmers to adopt climate-resilient practices and embrace maize cultivation as a pathway to financial stability and food security.

With visionary leaders Subhrakant Panda,Sunil Kataria and Shaifalika Panda at the helm, these organizations are sowing the seeds for a resilient and prosperous future in Indian agriculture.

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Global Mining and Energy Firms Set the Stage for a Resource Revolution

2024 has quietly become a turning point for the mining and energy sectors. Across continents, from North America to Australia, something bigger is unfolding a redefinition of how nations secure the raw materials that power modern industries and future technologies.

The Finimize piece on recent global moves by resource firms really struck a chord with me. It’s not just another corporate update it’s a snapshot of an accelerating race to secure what the world increasingly recognizes as strategic assets: critical minerals and cleaner energy resources.

Take the United States, for instance. The Department of Interior’s decision to add phosphate to its Critical Minerals List may sound bureaucratic, but it’s a big deal. Phosphate is essential for fertilizers and crucial to ensuring food security a reminder that the minerals we dig up often shape everything from what we eat to how we sustain future electric vehicles.

Over in Europe, Finland’s €48.7 million grant to Neometals’ partner Novana signals another strong message: battery self-sufficiency is no longer optional. The energy transition depends on it. Every euro invested in vanadium recovery today lays the groundwork for a more resilient, independent European energy future one free from unpredictable supply chains.

Meanwhile, Australia and Indonesia are quietly playing their parts in this global puzzle. BPM Minerals is ramping up gold exploration across Western Australia, while Indonesia’s NuEnergy Gas is setting the stage for early-stage gas production. These might sound like local wins, but collectively, they feed a growing narrative energy security is now as much about innovation and timing as it is about geology.

From an investor’s standpoint, these developments hint at new growth frontiers. The critical mineral story is no longer niche it’s mainstream. Markets are starting to treat resource security as an engine of economic power, not just a background story in the sustainability conversation.

The big picture? Nations are waking up to the idea that whoever controls the supply of vital minerals be it phosphate, vanadium, lithium, or rare earths controls a slice of the global economy’s future. We’re witnessing a reshuffling of priorities, where mining strategy intersects directly with climate ambition and geopolitical influence.

If 2023 was about recognizing the importance of critical minerals, 2024 is about acting on that knowledge. And the pace suggests one thing the global race for resource independence is well underway.

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From Mines to Minds: India’s Big Bet on Skill and Self-Reliance

India’s mining story is changing fast. The government’s plan to train 5.7 million workers by 2030 isn’t just about employment it’s about preparing the country for a clean-energy future.

With the National Critical Minerals Mission rolling out, the focus is clear: build expertise around key materials like lithium, cobalt, and rare earths. These are the minerals that power electric vehicles, renewable energy tech, and the next wave of manufacturing innovation.

But what makes this movement special is its deeper goal. It’s not just about filling jobs; it’s about reshaping India’s place in the global supply chain cutting import dependence, boosting local innovation, and creating a new generation of skilled professionals ready for green growth.

Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys (IMFA), calls it a “game-changer.” He believes that a future-ready workforce isn’t optional anymore; it’s central to India’s development journey. In his words, building skills today builds self-reliance for decades to come.

This is more than a policy shift it’s a mindset shift. Mining is evolving from being just an extractive industry to one that invests in knowledge, technology, and sustainability. And in that story, every skilled worker is a builder of India’s future.

[miningsustainability]

IMFA Strengthens Position as India’s Largest Ferroalloy Producer after Tata Steel Deal

In a landmark deal, Indian Metals & Ferro Alloys Ltd (IMFA) has acquired Tata Steel’s ferrochrome plant in Kalinganagar, Odisha, for ₹610 crore. The transaction, announced on November 4, 2025, marks a strategic expansion for IMFA and strengthens its leadership in India’s ferrochrome sector.

The facility includes four operational furnaces with a combined capacity of 66 MVA and a 33 MVA furnace under construction, adding nearly 99 MVA to IMFA’s production muscle. Once integrated, the plant will boost IMFA’s ferrochrome output by up to 150,000 tonnes per annum, pushing total capacity beyond 0.5 million tonnes.

Subhrakant Panda, Managing Director of IMFA, called the acquisition a “fast-track to our growth ambitions.” Speaking on LinkedIn, he highlighted operational synergies proximity to IMFA’s chrome ore mines, lower logistics costs, and enhanced domestic market access as key value drivers. “We aim to contribute our bit to #ViksitBharat while capturing rising demand for stainless steel inputs,” he stated.

On the seller’s side, T.V. Narendran, MD & CEO of Tata Steel, confirmed the divestment aligns with the company’s portfolio optimization strategy, allowing focus on core steelmaking operations.Fully funded through internal accruals, the deal reflects IMFA’s strong balance sheet. Regulatory approvals are expected within three months.W

ith this move, IMFA not only becomes India’s largest ferrochrome producer but also ranks among the top six globally—a bold step toward self-reliance in critical alloys.

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Clean Energy Shift: Ethanol’s Rise in India

India is moving quickly towards using more ethanol as a clean fuel. The government’s goal is simple mix more ethanol into petrol so that we spend less on importing oil and make the air cleaner. Right now, almost 20% of the petrol sold in India has ethanol in it. This helps farmers because crops like sugarcane and corn are needed to make ethanol, which means better and steadier earnings for them.​

Big Indian companies are backing this change. IMFA (Indian Metals & Ferro Alloys Ltd), with Subhrakant Panda as its MD, is building a big ethanol factory in Odisha. Other companies jumping in include Balrampur Chini Mills, Bajaj Hindusthan Sugar, Triveni Engineering, Godavari Biorefineries, Shree Renuka Sugars, and HPCL Biofuels.​

The shift to ethanol is great for India. It saves money we’d otherwise spend on foreign oil, brings farmers more income, and helps lower pollution levels. Thanks to new policies and more companies making ethanol from different crops, India is moving closer to its dream of a greener, cheaper fuel, helping both its people and its environment.

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Odisha and Mining

Odisha has emerged as one of India’s mining powerhouses, anchoring the nation’s mineral and metal industries. The state accounts for 28% of India’s iron ore, 24% of coal, 59% of bauxite, and 98% of chromite reserves making it the backbone of India’s steel, aluminium, and ferroalloy production.​

Odisha’s Mining Landscape Odisha contributes nearly half of India’s total mineral output by value, with districts like Keonjhar, Angul, and Sundargarh hosting major mines and processing industries. The state has become a focal point for both heavy industry and downstream manufacturing, backed by strong infrastructure and continuous policy support from the government.​

Key Players in Odisha’s Mining Sector The region is home to a diverse ecosystem of companies representing iron ore, ferroalloy, coal, and bauxite production. Prominent players include :​

Indian Metals & Ferro Alloys Ltd (IMFA) Vedanta | FACOR National Aluminium Company Limited (NALCO) Tata Sponge Iron Limited Balasore Alloys Limited Jindal Steel & Power Essel Mining & Industries Ltd Kalinga Commercial Corporation Limited

Odisha Mining Corporation (OMC) OMC’s Growth and Sustainability Focus The state-run OMC plans to reach 50 million tonnes of mineral production in 2025–26 and has doubled its bauxite output target to 6 million tonnes. Alongside production, the OMC emphasizes forest conservation, skill-building, and livelihood programs for local communities around mining regions.​

Toward Responsible Mining Balancing growth and sustainability remains Odisha’s top priority. Companies in the sector are increasingly integrating green mining technologies, reforestation efforts, and CSR programs focused on education, health, and rural development in mining affected areas.​

Mining in Odisha is not merely an industrial pursuit it represents a model for how resource rich states can power economic growth while safeguarding their environment and communities for the future.