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Economy News, Latest Economic News Today | The HinduBusinessLine

GE, HAL clinch tech deal on joint jet engine plan India rejects USTR allegations, seeks termination of Section 301 probe Indian automobile sales record highest-ever sales in FY26, first time after FY19: SIAM Madhya Pradesh CM says basmati rice from the State is exported to 47 nations 63 Moons’ cybersecurity arm pilots GPS-spoofing solution at Indian airports Highways ministry notifies amendment to streamline fee for overloaded vehicles on NHs Global aviation crisis deepens as fuel shortage, Iran conflict hit airlines TRI launches agri-voltaic project to help farmers earn double income Hotel industry to hit $31 billion in 2029; listed hotel firms set to add 70k rooms by 2030: CBRE Temperatures may trend up over North-West, Central India until weekend Reduction in airport tariff credit neutral, minimal impact on revenue: Ind-Ra Global coffee prices rise as fertiliser costs and West Asia tensions threaten supply Bluspring Enterprises to acquire LSG Sky Chefs India, enters aviation catering sector China says policy to improve relations with India remains unchanged amid Arunachal naming row Research firms divided over impact of below normal monsoon on food inflation Unnat Krishi Mahotsav concludes, farmers to emerge as energy, fuel & hydrogen providers, says Gadkari Airlines may get ₹5,000 crore credit support under proposed ECLGS variant How kashmir’s breakthrough is making Gucchi mushroom farming possible Centre not taking away State’s power on bonus for agri produces, says FM Sitharaman Carriers cut flights on cost pressures, uncertain demand GE Aerospace scales AI from pilots to production; India anchors global capability West Asia crisis may push India’s current account deficit to 2% of GDP: Crisil Tax Dept to resume Tiger Global reassessment, says GAAR relief won’t alter SC ruling Ceasefire talks fail to restore vessel movement in Strait of Hormuz, fate of 599 ships remain inconclusive DMRC launches mid-life refurbishment of Blue Line trains to enhance safety and passenger experience Retail inflation likely rose 3.5-4% in March India-UK free trade pact may come into force from second week of May: Official 'West Asia war a good opportunity for energy reforms, lower costs for industry' India’s marine exports surge to ₹62,408 crore in 2024-25, Govt sets ₹1 lakh crore target PM Modi to inaugurate Dehradun-Delhi Expressway on April 14 India’s economic growth journey huge opportunity for international partners: Kwatra From diesel to daylight: How government solar schemes are powering India’s farmers The next energy leap: Replicating ethanol’s success in diesel Delhi EV Policy: Electric 3-Wheelers Only by 2027, 2-Wheelers by 2028 Windfall levy on export bound diesel, ATF raised India-flagged LPG tanker Jag Vikram crosses Strait of Hormuz after US-Iran ceasefire Muted pricing power, rising costs to curb benefits of demand in cement sector: HDFC Securities Central Railway to run four special local trains for Ambedkar Jayanti Cotton Association revises output estimates for 2025-26 up at 324 lakh bales of 170 kg each Agtech marketing in the age of regional content and creator communities Rajnath Singh, Nitin Gadkari to join 3-day agri event at Shivraj’s home turf, inaugurated today How agripreneurship will drive improved rural livelihoods in India World’s largest tur producer, yet an importer: A self-sufficiency puzzle unfolding on ground Ethanol in diesel generators: India’s next practical step towards energy security How sustainable sourcing can unlock value in India’s agri-value chains West Asia Crisis: Induction cooking may consume 13-27 GW power Govt defers power plant maintenance for three months; 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India, Nordic nations elevate ties to Green Technology and Innovation partnership
2026-05-20 · via Economy News, Latest Economic News Today | The HinduBusinessLine

India and the Nordic countries on Tuesday decided to elevate their relationship to a Green Technology and Innovation Strategic Partnership, as Prime Minister Narendra Modi held talks with his Nordic counterparts, focusing on clean energy, sustainability, innovation, emerging technologies and other key areas.

In a joint press statement following the 3rd India-Nordic Summit in Oslo, Prime Minister Modi said that in this era of global tensions and conflict, India and the Nordic nations will continue to work together to strengthen the rules-based global order.

“Whether it is Ukraine or West Asia, we will continue to support the earliest resolution of conflicts and efforts towards peace,” he added.

Nordic leaders echoed his call for strengthening the rules-based global order.

“We focused on support for international law, a rules-based order that needs also reforms and progress, and also emphasising the need for a just and lasting peace in Ukraine and finding a way diplomatically on the ongoing conflict in the Middle East,” Norwegian PM Jonas Gahr Store said.

Finnish Prime Minister Petteri Orpo said the Nordic nations share many objectives with India, including strengthening the rules-based international order.

A joint statement adopted after the Summit said that the leaders “reaffirmed their commitment to upholding international law, shared values and obligations, including democracy, freedom, human rights, gender equality, rule of law, respect for sovereignty and territorial integrity and international peace and security in accordance with international law, including the United Nations Charter.”

“Our shared commitment to democracy, the rule of law, and multilateralism makes us natural partners,” said Modi, who was joined by Norwegian PM Store, Finnish PM Orpo, Icelandic PM Kristrun Frostadottir, Danish PM Mette Frederiksen, and Swedish PM Ulf Kristersson.

“Today, we decided to elevate India-Nordic relations to a Green Technology and Innovation Strategic Partnership. With this green technology partnership, we will ensure a better future for the entire world,” Modi said, noting that the format was established eight years ago to energise and accelerate India’s relations with the Nordic countries.

This will combine innovation with scale and talent, while advancing our shared commitment towards sustainability, trusted technologies and a better future for humanity, he said.

Focus on sustainability, innovation and clean energy cooperation

The summit “reflected the expanding scope and growing strength of India’s partnership with the Nordic region. The leaders discussed cooperation in sustainability, innovation, clean energy, emerging technologies and more,” the prime minister’s office said.

PM Modi thanked Nordic leaders for the support and solidarity expressed by them following the Pahalgam terror attack last year and conveyed that India hopes for continued support of Nordic countries in its fight against terrorism and cross-border terrorism.

“We have a clear and united stand on terrorism: No compromise, no double standards,” he said.

Leaders condemn terrorism and call for global action

According to the joint statement, the leaders condemned in the strongest terms the terrorist attack in Pahalgam and the terror incident near Red Fort, New Delhi on November 10, 2025.

“The leaders unequivocally and strongly condemned terrorism and violent extremism, in all its forms and manifestations, including cross-border terrorism.

“They called for decisive and concerted international efforts to combat terrorism in a comprehensive and sustained manner and in accordance with international law and concerted action against terrorists and terrorist groups, including those listed in the UNSC 1267 sanctions regime and their affiliates, proxies, sponsors, backers and financiers,” it said.

They agreed to enhance cooperation to counter violent radicalisation and violent extremism, combat financing of terrorism, promote internationally agreed anti-money laundering standards, prevent exploitation of new and emerging technologies for terrorist purposes, and tackle terrorist recruitment, the joint statement said.

The leaders reaffirmed their strong commitment to continue taking active measures to disrupt the terror financing channels, including at the UN and FATF, it added.

Ukraine, West Asia and Indo-Pacific discussed at summit

They also discussed international peace and security, including the conflicts in Europe and West Asia, and emphasised the importance of multilateral cooperation and reform of global governance institutions.

On Ukraine, the leaders will continue to support efforts towards the achievement of a comprehensive, just and lasting peace through dialogue and diplomacy, based on the principles of the UN charter and of international law, the statement said.

Expressing deep concerns over the situation in West Asia, the leaders underlined the importance of de-escalation and reiterated that all issues must be resolved through dialogue and diplomacy. They also called for freedom of navigation and global flow of commerce through the Strait of Hormuz.

“The leaders reinforced their commitment to promoting a free, open, peaceful and prosperous Indo-Pacific, in accordance with international law, including the UN Convention on the Law of the Sea,” the joint statement said.

They reiterated the importance of an effective multilateral system, with the United Nations at its core.

PM Modi said that the two sides have agreed that reform of multilateral institutions is both “necessary and urgent.”

Trade, investment and research ties set for expansion

The leaders underlined the importance of affordable climate finance, technology transfer and capacity building, particularly for developing countries, to support just and inclusive energy transitions.

Modi said India and the Nordic nations have made exceptional progress in the last few years.

“Rapidly increasing trade and investment have not only contributed to India’s growth story, but have also played a very positive role in the Nordic economies, creating thousands of new jobs,” he said.

Modi said the two sides have taken some important initiatives to take the relationship to the next level, highlighting the Trade and Economic Partnership Agreement with Norway, Iceland, and other EFTA countries, the India-EU Free Trade Agreement, in which Denmark, Finland, and Sweden are also partners.

“With these ambitious trade agreements, we are ushering in a new golden era in relations between India and the Nordic countries,” he said.

Noting that an important pillar of the India-Nordic partnership is extensive research and innovation ties, Modi said the two sides will jointly enhance linkages between universities, labs, and start-up ecosystems to strengthen this.

“We will deepen our cooperation in Arctic and polar research and ensure new opportunities for skill development and talent mobility between India and the Nordic countries,” he added.

The two sides also agreed to enhance cooperation in multilateral fora, and Nordic leaders reiterated their support for India’s permanent membership for a reformed and expanded UN Security Council.

The leaders decided to hold the next India-Nordic Summit in Helsinki.

The Ministry of External Affairs shared a list of eight outcomes of the summit that included India-Nordic initiatives in climate action, research initiative in identified STEM areas, enhancing cooperation in the blue economy, promoting mobility of talent and building up defence industrial collaboration with Nordic countries.

Published on May 20, 2026