US-Iran Draft Proposal Outlines Nuclear Concessions and Reopening of Strait of Hormuz
A preliminary framework reportedly prepared for negotiations between the United States and Iran proposes transferring Iran's highly enriched uranium stockpile to a mutually agreed third country or reducing its enrichment level. The proposal also calls for reopening the Strait of Hormuz to international shipping within seven days of an initial understanding, Al Arabiya English reported. According to Al Arabiya English, which obtained details of the draft's key provisions, China could potentially serve as a guarantor to support the implementation and long-term sustainability of any agreement. The proposed framework also suggests holding direct negotiations between Washington and Tehran in Doha rather than Istanbul. Under the arrangement, Iran would take steps concerning its nuclear programme and maritime security, while the United States would respond by easing sanctions, blockades and other economic restrictions. An independent verification mechanism would monitor compliance before each stage of implementation. This would ensure that neither side makes major concessions without receiving corresponding commitments that can be independently verified. The draft also outlines a dispute-resolution process involving mediators and guarantor countries. The mechanism is intended to address delays or possible violations and reduce the risk of a fresh military escalation, according to the news platform.
Cabinet Approves ₹10,000-Crore Container Manufacturing Scheme to Boost Domestic Production
The Union Cabinet on Wednesday approved a ₹10,000-crore Container Manufacturing Promotion Scheme, with financial support extending up to the financial year 2039–40. The initiative aims to increase India's domestic container production capacity nearly tenfold to 0.75 million twenty-foot equivalent units (TEUs) annually and reduce the country's dependence on imported shipping containers. Announced in the Union Budget for 2026–27, the scheme will provide support for setting up new greenfield manufacturing facilities as well as expanding existing production units. Of the total allocation, ₹8,891 crore has been set aside for operational expenditure assistance, ₹859 crore for interest subvention and ₹150 crore for testing and certification infrastructure, Information and Broadcasting Minister Ashwini Vaishnaw said after the Cabinet meeting. The operational expenditure support will cover containers manufactured by eligible domestic companies in accordance with international shipping standards and sold in the market. The assistance is intended to narrow the cost difference between locally manufactured containers and imported alternatives. Under the interest subvention component, manufacturers will receive support of 3% per annum on eligible term loans taken to establish new facilities or increase existing production capacity. The testing and certification allocation will help develop common facilities, including infrastructure for dynamic longitudinal impact testing.
Paradip Port’s East Quay Coal Terminal Sets New Monthly Cargo Record in October 2026
Jaishankar Calls for Diversified and Resilient Global Supply Chains at G20 Summit
External Affairs Minister Dr. S. Jaishankar highlighted the need for stronger, diversified and secure global supply chains during Plenary III on Supply Chains at the G20 Summit in Atlanta. The session concluded with discussions on improving international economic cooperation and responding to emerging global challenges. Addressing the gathering, Dr. Jaishankar said supply chain security and resilience have become essential to the stability and overall health of the global economy. He called for greater cooperation among countries to develop reliable supply networks that can withstand disruptions caused by pandemics, geopolitical tensions, climate events and unexpected operational challenges. Emphasising the need for balanced economic growth, the External Affairs Minister said nations must have the opportunity to industrialise. He also stressed that predatory business practices and efforts to weaken fair competition should be firmly opposed.
India's Manufacturing Growth Slows in October as Domestic Demand and Hiring Lose Momentum
India's manufacturing sector recorded slower growth in October as domestic demand weakened and employment gains moderated. However, a sharp rise in export orders and the slowest increase in factory selling prices in nearly four years provided some support to the sector, according to a private business survey. The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, slipped to 54.7 in October from 55.1 in September. The reading was also below the preliminary estimate of 54.9. A PMI figure above 50 indicates expansion, while a reading below that level signals contraction. New orders, an important indicator of demand, edged down slightly after reaching a seven-month high in September. Export demand, however, showed stronger momentum, with new export orders rising at their fastest pace in six months. Factory output also moderated during the month. Manufacturers increased their stocks of finished goods at the fastest rate in the survey's history of more than 21 years. Companies linked the inventory build-up to strong demand and efforts to avoid potential supply shortages. At the same time, growth in raw material purchases slowed to its weakest level in the 64-month period of expansion. This suggests that some manufacturers may be building safeguards against an uncertain demand outlook rather than preparing for a significant rise in future sales. Factory employment increased for the second consecutive month, although hiring growth slowed compared with September. Capital goods manufacturers reduced their workforce. Business confidence also dipped slightly and remained below its long-term average, despite staying broadly in line with levels recorded over much of the past year. "Producers also increased input inventories to the greatest extent in eight months, building precautionary buffers to mitigate potential shortages and meet rising production requirements amid a volatile global environment," said Pranjul Bhandari, HSBC's chief India economist. Inflation in input costs eased to its lowest level since February. Manufacturers also raised selling prices at the slowest pace in nearly four years, pointing to limited pricing power amid changing market conditions.
Piyush Goyal's Netherlands Visit Focuses on India-EU Trade, Investment and Supply Chain Partnerships
Union Minister of Commerce and Industry Piyush Goyal continued his Netherlands visit on 26 October 2026, holding a series of high-level meetings with Dutch government leaders, parliamentarians and senior representatives of Dutch companies. The discussions centred on strengthening bilateral economic ties, increasing trade and investment and exploring new areas of cooperation between Indian and Dutch businesses. Goyal met Sjoerd Sjoerdsma, Minister for Foreign Trade and Development Cooperation; Heleen Herbert, Minister of Economic Affairs and Climate; and Arthur van Dijk, King's Commissioner of the Province of North Holland. The Minister also engaged with members of the Dutch House of Representatives Committee on Foreign Trade and Development Cooperation and the Senate Committee on European Affairs. These meetings provided a platform to discuss bilateral economic relations, trade and investment prospects, and the wider economic partnership between India and the European Union. A key event during the visit was the India-Netherlands Business Forum, co-chaired by Goyal and Sjoerd Sjoerdsma, the Netherlands' Minister for Foreign Trade and Development Cooperation. The forum brought together approximately 200 participants, including prominent representatives from Indian and Dutch businesses. Discussions focused on opportunities arising from the India-EU Free Trade Agreement, particularly in expanding bilateral commerce, attracting investment, improving market access and encouraging cooperation across major industries. Participants highlighted the complementary strengths of the two economies and the need for closer business-to-business engagement to turn the FTA's potential into commercial partnerships, investment opportunities and stronger supply chain links between India and Europe.
Chennai Port Handles Record 9,929 TEUs in a Day, Achieves Five-Year Post-Pandemic High
Chennai Port Authority achieved a major operational milestone on October 25, 2026, by handling 9,929 TEUs (Twenty-foot Equivalent Units) in a single day. This marks the Port's highest daily container throughput in more than five years since the COVID-19 pandemic, reflecting improved cargo-handling efficiency, operational resilience and its continued focus on supporting international trade. The latest figure exceeded the previous post-pandemic daily record of 9,910 TEUs, set on January 27, 2024. It also brings Chennai Port closer to its all-time daily container-handling record of 10,063 TEUs, achieved on January 28, 2017, before the pandemic. Operational Efficiency Drives Record Performance The achievement comes amid continuing uncertainty and disruptions across global maritime logistics. Chennai Port's focus on improving operations, facilitating trade and making better use of existing infrastructure has helped sustain cargo-handling activity despite changing conditions in the international shipping sector. One of the key initiatives supporting the Port's performance is the introduction of an Empty Container Yard, designed to improve container management and make more efficient use of yard space. The Port has also moved forward with the digitalisation of end-to-end operations through ONOP, an initiative intended to simplify procedures and improve coordination among stakeholders. Additionally, Chennai Port has earmarked extra space for transshipment containers affected by the West Asia crisis. The step demonstrates the Port's response to changing cargo flows and its efforts to assist shipping lines and trade partners amid regional disruptions.
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