India joins 14 nations on joint statement to curb structural excess capacity

India has joined the United States, European Union, United Kingdom and 12 other economies in signing a joint ministerial statement aimed at tackling structural excess capacity and production. The move comes even as India faces a US trade probe over allegations of overcapacity in certain sectors.

The signatories have committed to examining key industries through dedicated sectoral platforms. Priority sectors identified include electric vehicles, batteries, chemicals, semiconductors and solar panels.

The joint statement represents a coordinated multilateral approach to address production imbalances that have affected global markets across multiple industries.