The parks will be developed through joint ventures involving state governments and a state-run company, Vaishnaw told reporters after the cabinet meeting.

Industry Secretary Amardeep Singh Bhatia said the government expects to develop about 33,000 acres of land for manufacturing over a period of six years.

The planned industrial parks will range in size from 100 acres to 1,000 acres, equivalent to about 40.5 hectares to 404.7 hectares, he said. The government will provide financial support of up to 10 million rupees per acre for core and social infrastructure within the parks.

Officials said the initiative is aimed at creating integrated manufacturing zones with necessary facilities to support industrial activity.

The programme reflects India’s ongoing efforts to expand its manufacturing base through infrastructure development and coordination with state governments.

The use of joint ventures is expected to facilitate land acquisition and project implementation, while financial assistance is intended to reduce upfront costs for infrastructure development.

Separately, the cabinet approved 117 billion rupees for minimum support prices for cotton purchases, according to government officials.

The allocation is intended to support procurement operations under existing price support mechanisms.

The government-approved measure will increase the monthly minimum wage from 103 million rials to 166 million rials, the semi-official Tasnim news agency reported, citing Iran’s labor minister. The adjustment will take effect in the upcoming Persian calendar year, which begins in the coming days.

Iran revises its minimum wage annually to reflect inflationary pressures, which have surged amid tightening international sanctions and economic disruption linked to tensions with Israel and the United States. The Iranian rial has sharply depreciated in recent months, with the currency trading at around 1.47 million rials to the U.S. dollar, according to the monitoring website Bonbast.

The wage increase comes as households across the country grapple with rising living costs and a steep fall in the value of the national currency. Iranian authorities said the new wage level was approved by the government following consultations over compensation adjustments tied to inflation.

Tasnim also reported that the government would implement a comparable increase in child support benefits as part of the broader wage revision package.

The announcement follows months of anti-government protests that began in December last year, initially triggered by public frustration over the high cost of living and the weakening currency.

Demonstrations quickly expanded into a broader nationwide movement calling for the end of Iran’s clerical leadership, which has governed the country since the 1979 Islamic revolution.

Authorities responded with a crackdown that rights groups say resulted in thousands of deaths. During the unrest, U.S. President Donald Trump warned that Washington could intervene militarily while urging Iranians to challenge the country’s leadership.

Members of the party’s Middle East crisis economic response task force said the measures aim to stabilise domestic energy supply and prices as shipments of oil and gas to South Korea have been disrupted by the regional conflict affecting the vital maritime corridor.

According to data from the Korea International Trade Association, South Korea depends heavily on energy imports, sourcing about 70% of its crude oil and roughly 20% of its liquefied natural gas (LNG) from the Middle East.

Democratic Party lawmaker Ahn Do-geol said the government would prioritise managing LNG supplies by increasing electricity production from coal and nuclear facilities while scaling back reliance on LNG-fired power generation.

Limits that capped coal power output at 80% of installed capacity will be lifted starting Monday, Ahn said. Maintenance work at six nuclear reactors will also be completed earlier than scheduled to raise the utilisation rate of nuclear plants from the high-60% range to about 80%.

The government on Friday introduced a price ceiling on gasoline of 1,724 won ($1.15) per litre, with adjustments planned every two weeks to reflect changes in global oil markets.

Ahn said gasoline and diesel prices had already declined since the cap was introduced, falling by 58 won and 77 won per litre respectively as of Sunday.

Officials said a supplementary budget would be drafted by the end of the month and submitted to parliament to cushion the economic impact of higher energy costs.

Democratic Party leader Jung Chung-rae said the party would fast-track approval of the budget within 10 days after it is submitted. The proposed spending package is expected to include compensation for refiners linked to the fuel price cap, energy vouchers for households, logistics support for exporters and expanded investment in renewable energy.

The Budget Ministry said no specific date had yet been set for the supplementary budget but that preparations were underway.

Authorities are also considering designating the Yeosu Petrochemical Complex as a special industrial crisis response zone as part of efforts to support industries affected by the energy disruption.

The central bank last month launched a public consultation on a plan that would require commercial banks to ensure a baseline level of cash services, including expanding ATM availability and reducing withdrawal fees.

The proposal reflects growing concern among policymakers that the rapid transition toward digital payments could marginalise vulnerable groups and expose weaknesses in payment systems during outages or natural disasters.

Ian Woolford, director of money and cash at the Reserve Bank of New Zealand, said when the consultation was unveiled on Feb. 25 that access to cash had been steadily declining as banks reduced physical service points.

“The public expect banks to provide cash services to them, but banks have been steadily reducing points of access for their customers to get cash, bank cash or get change, especially in rural areas,” Woolford said. “We want this to change.”

Over the past decade, about 40% of bank branches in New Zealand have closed, according to central bank data.

Cash use for everyday purchases has also fallen sharply, dropping to 57.2% in 2023 from 95.8% in 2019, reflecting the widespread adoption of electronic payment systems.

Central banks, governments and commercial lenders globally are examining ways to protect access to cash, which studies show remains vital for financial inclusion and can become essential following disasters such as cyclones, when digital networks may fail.

Advocacy groups say cash continues to play an important role for people with limited financial resources or restricted access to banking services.

Jake Lilley, senior policy adviser at financial mentoring organisation FinCap, said cash remained critical for people managing tight budgets, small businesses and individuals who may not have full access to banking services, including those leaving prison or escaping violent relationships.

Research commissioned by the Reserve Bank also found cash remained important in rural areas and for community groups, while holding cultural, social and practical significance in Māori communities.

Sitharaman said the proposed fund would help the government address disruptions such as supply chain interruptions and sudden economic stresses while maintaining stability in public finances.

The stabilisation fund is intended to provide the government with additional fiscal headroom during periods of volatility in global markets or trade flows, Sitharaman told lawmakers.The proposal comes as the government seeks parliamentary approval for gross additional spending of 2.81 trillion rupees.

According to Sitharaman, part of the additional expenditure will be offset by savings and higher receipts from various ministries and departments.She said the proposed spending adjustments would not increase the government’s overall expenditure beyond the levels outlined in the federal budget.

Sitharaman also proposed additional fertiliser subsidies amounting to about 192.30 billion rupees to cover higher spending under the nutrient-based subsidy policy and payments for urea subsidies.

India’s fertiliser subsidy bill has come under pressure following disruptions to supply routes linked to tensions involving Iran, particularly around the Strait of Hormuz, a key corridor for global fertiliser shipments.

The disruption has pushed up prices for crop nutrients such as urea and ammonia, increasing import costs for major buyers including India.

Sitharaman said the government would ensure there was no shortfall in funds for fertiliser subsidies for farmers.

The data comes as Hanoi continues months-long negotiations with Washington over a trade agreement, with talks complicated by the widening trade gap and disagreements over tariff levels the United States wants to impose on Vietnamese goods, officials have said.

According to U.S. figures, Vietnam’s trade surplus with the United States reached $19 billion in January, the largest among all U.S. trading partners. It was followed by Taiwan, Mexico and China.

Vietnamese exports to the United States rose 53% from a year earlier to exceed $20 billion in January, the data showed. During the same period, U.S. imports from China dropped by 46%.

Vietnam’s surplus with the United States has been larger than China’s since the second quarter of 2025 and was second only to Mexico in the previous three quarters. For the full year 2025, Vietnam’s trade surplus with the United States totaled $178 billion.

Vietnam’s export growth to the United States has accelerated as higher tariffs on Chinese goods reduced Beijing’s direct shipments to the U.S. market.

At the same time, Vietnam’s imports of Chinese goods many used in manufacturing products for re-export reached record levels in January, according to Vietnamese data.

The administration of Donald Trump has repeatedly accused Vietnam of serving as a transit point for Chinese goods bound for the United States, which may face lower duties when labeled as “Made in Vietnam.”

Under U.S. rules, goods deemed to have been illegally transshipped can face tariffs of up to 40%. However, the White House has not yet specified the criteria it will use to determine whether exports constitute illegal transshipment.

Washington launched new investigations this week into Vietnam and other countries over possible unfair trade practices.The United States imposed tariffs of 20% on Vietnamese goods in August.

After the U.S. Supreme Court struck down Trump’s global tariffs as unlawful in February, the White House introduced a temporary 10% global tariff for 150 days.

The decision represents one of the most significant adjustments to India’s investment screening regime since New Delhi tightened scrutiny of foreign capital from neighbouring countries following the confrontation along the disputed Himalayan frontier. The earlier restrictions had sharply slowed Chinese investment into India and complicated business ties between the two Asian powers.

Government officials have said the easing will apply to selected sectors, though authorities have not detailed the full scope of industries affected. The move forms part of a broader effort to stabilise bilateral relations that have gradually improved since diplomatic and military engagements helped ease tensions along the border.

India introduced stringent investment screening rules in April 2020, requiring government approval for all foreign direct investment from countries sharing a land border with India. The policy applied most prominently to Chinese firms and was framed by New Delhi as a safeguard against opportunistic takeovers of Indian companies during the economic disruptions caused by the COVID-19 pandemic.

The measure followed a deterioration in relations after a deadly clash between Indian and Chinese troops along their disputed frontier in June 2020. The confrontation led to the most serious military standoff between the two nuclear-armed neighbours in decades and triggered a broad reassessment of economic engagement.

Shortly after the clash, India banned 59 mobile applications linked to Chinese companies, including TikTok, WeChat and UC Browser, citing national security concerns. The ban marked a major escalation in India’s technology restrictions on Chinese firms and was followed by additional curbs affecting telecommunications equipment, infrastructure projects and digital services.

The heightened scrutiny of Chinese investment had a tangible impact on cross-border business activity. Several proposed projects by Chinese companies faced delays or failed to receive regulatory clearance under the tighter rules.

In July 2022, Chinese automaker Great Wall Motor abandoned plans to invest $1 billion in India after it was unable to obtain government approvals required under the post-2020 investment screening framework.

A year later, India rejected a separate $1 billion investment proposal from Chinese electric vehicle manufacturer BYD, again citing security concerns linked to foreign investment from neighbouring countries.

The stalled investments underscored the broader chill in economic ties that followed the border confrontation. While trade between the two countries continued at significant levels, new investment activity from Chinese firms slowed sharply amid regulatory barriers and heightened political sensitivity.

Industry groups and manufacturers had raised concerns that the restrictions were complicating supply chains and delaying industrial projects that relied on Chinese capital, components or technical expertise.

Relations between India and China began to stabilise after the two sides reached an agreement in October 2024 on patrolling arrangements along the disputed frontier, effectively ending a four-year military standoff.

Diplomatic engagement expanded gradually after that agreement, paving the way for a series of economic and travel-related policy adjustments.In July 2025, the government think tank NITI Aayog proposed allowing Chinese companies to acquire up to a 24% stake in Indian firms without requiring security clearance. The proposal was aimed at reducing approval delays created by the post-2020 screening system while maintaining oversight of sensitive sectors.

The diplomatic thaw became more visible in August 2025 when Prime Minister Narendra Modi travelled to China for the first time in more than seven years. The visit signalled renewed engagement between the two governments at a time when geopolitical tensions between China and the United States were rising.

Further steps toward normalising economic ties followed later in the year. In October 2025, the two countries agreed to resume direct commercial flights after a five-year suspension that had disrupted travel and business links.

By December 2025, India began issuing more business visas to Chinese professionals, a move intended to address shortages of technical staff at factories and industrial facilities that had reduced output and delayed projects across several sectors.

Economic considerations have increasingly influenced India’s approach to managing its relationship with China. Indian companies and state-run enterprises have faced supply constraints in areas where Chinese equipment and technical support remain widely used.

In February 2026, India began easing restrictions on the purchase of certain Chinese industrial equipment, allowing state-owned power and coal companies to import machinery in limited quantities. Officials said the policy change was intended to address shortages that had slowed energy and infrastructure projects.

The latest move to relax investment restrictions is seen as part of this broader recalibration. While the government has not announced a full reversal of the screening framework introduced in 2020, officials have indicated that selected sectors could receive greater flexibility for foreign capital.Trade between the two countries has remained robust despite diplomatic tensions, with China continuing to be one of India’s largest trading partners.

However, investment flows have lagged behind trade volumes since the regulatory tightening.Analysts say the evolving policy stance reflects India’s attempt to balance economic needs with security concerns related to strategic industries and infrastructure.

Government officials have not provided detailed guidance on the sectors covered by the eased investment rules or whether additional regulatory safeguards will accompany the policy shift.

Parliament’s financial commission is reviewing candidates for five key posts at the Financial Services Authority, known locally as OJK, including chair, deputy chair and senior capital market supervisory roles.

The leadership overhaul follows the sudden resignation on Jan. 30 of the agency’s chair, deputy chair, and the chief and deputy chief supervisors of capital markets. The departures came days after index provider MSCI warned it could downgrade Indonesia’s classification to “frontier” market status because of concerns related to transparency and governance in the equities market.

MSCI’s warning triggered a wave of selling that wiped roughly $120 billion from Indonesia’s equity market within days. The pressure intensified after Moody’s downgraded the outlook on Indonesia’s sovereign credit rating.

Authorities have since moved to accelerate reforms aimed at restoring investor confidence. Among proposals put forward by OJK and the Indonesia Stock Exchange is a plan to gradually raise the minimum free float of shares held by public investors in listed companies to 15% over the next three years.

Ten candidates are being considered for the five regulatory posts, including interim OJK chair Friderica Widyasari Dewi and acting capital markets supervisor Hasan Fawzi.

Most nominees come from within OJK as well as from Indonesia’s central bank, the finance ministry and the state deposit insurer, reflecting the government’s effort to maintain continuity while implementing governance reforms.

The parliamentary panel’s selections must still be confirmed by the broader legislature during a vote scheduled for Thursday.

The leadership appointment process has been significantly expedited compared with the usual months-long selection cycle. Authorities said the timeline was shortened in response to ongoing volatility in global financial markets.

Finance Minister Purbaya Yudhi Sadewa said concerns over market stability and geopolitical tensions were behind the accelerated process.

“The situation is shaky. The war affects the markets, oil prices. It speeds up the need for more definitive persons at the OJK,” Purbaya told reporters.

The measure is being prepared through a resolution by the Vietnam Ministry of Finance and aims to ease pressure on the domestic petroleum market as global energy flows are affected by the war involving Iran.

The government said import tariffs on fuels currently range up to 20%, though many imports from countries with free-trade agreements are already exempt from duties.Officials said the temporary suspension would allow companies to secure fuel supplies more easily during the period of market disruption.

“This tariff removal solution is considered necessary to support businesses in proactively securing their supply sources, contributing to stabilizing the domestic petroleum market and ensuring energy security,” the government said in the statement.

Domestic fuel prices in Vietnam have already risen between 21% and 32% since the U.S.-Israeli war with Iran began, reflecting volatility in global energy markets and tighter supply conditions.

Authorities said the tariff suspension, expected to remain in place through April, would reduce state revenue by about 1.02 trillion dong, equivalent to roughly $39 million.

The government framed the policy as a short-term intervention designed to stabilize energy supplies and limit the economic impact of higher fuel costs during the period of geopolitical uncertainty.

First published in 1776, Smith’s landmark work laid the intellectual foundation for modern economic thought, examining how labour, markets and trade contribute to national prosperity. Two and a half centuries later, the principles outlined in the book remain central to policy discussions in major economies grappling with questions about tariffs, inequality and corporate power.Scholars widely regard Smith as a foundational thinker of modern capitalism, though interpretations of his legacy vary. While some view him as a champion of free markets and minimal government intervention, others emphasize his warnings about monopolies and economic concentration.

Smith’s analysis of markets centred on the idea that individuals pursuing their own economic interests could contribute to broader societal prosperity, a concept often associated with the “invisible hand.” His work also explored how specialization and the division of labour could increase productivity and economic growth.Those themes continue to resonate as governments debate trade barriers and industrial policy amid shifting global supply chains and geopolitical tensions. Discussions around tariffs, protectionism and the structure of global markets frequently echo arguments first articulated in Smith’s writings.Economists note that Smith was also critical of policies that concentrated economic power in the hands of a few firms. In The Wealth of Nations, he argued that monopolies and restrictive trade practices could distort markets and limit economic opportunity

The 250th anniversary has renewed academic debate over how Smith’s ideas should be interpreted in modern economic policy. Some economists highlight his support for open trade and competitive markets, while others point to passages in which he warned about the social consequences of inequality and unchecked corporate influence.Smith wrote during a period of profound economic transformation as Britain moved toward industrialization and global trade expansion. His observations about labour, productivity and wealth distribution helped shape early thinking on how economies function and grow.Today, policymakers in advanced and emerging economies alike continue to confront issues Smith addressed centuries ago, including how governments should regulate markets, manage trade relationships and ensure that economic growth translates into broader prosperity.

The global economic landscape has evolved dramatically since Smith’s era, with multinational corporations, complex supply chains and digital markets reshaping commerce. Yet analysts say the core questions explored in The Wealth of Nations remain central to economic policymaking.Debates about tariffs, taxation and competition policy often reflect the tension between protecting domestic industries and maintaining open global markets. Smith’s critique of protectionist trade barriers and monopolistic practices is frequently cited in discussions about how governments should balance those priorities.As governments reassess economic strategies in response to shifting geopolitical and technological forces, the work of Smith continues to serve as a reference point for understanding the dynamics of markets and the sources of national wealth.The enduring relevance of Smith’s ideas underscores the lasting impact of a book written in the 18th century but still invoked in economic debates shaping the 21st-century global economy.