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During the 21st ASEAN-India Summit in Vientiane in October 2024, Prime Minister Narendra Modi and ASEAN Secretary-General Dr. Kao Kim Hourn discussed the ongoing review of the ASEAN-India trade pact, which aims to enhance market access for Indian businesses and address implementation challenges. India's Ambassador to ASEAN, Srinivas Gotru, emphasized the importance of concluding the agreement to unlock economic opportunities and better align trade routes. In 2024-25, trade between India and ASEAN reached approximately $123 billion, highlighting ASEAN's significance as a key economic partner. Additionally, a Digital Economy Framework Agreement is set to be unveiled, promoting an integrated digital market through cross-border data flows and cybersecurity cooperation. Ajay Kumar from the Ministry of External Affairs noted India's commitment to inclusive growth through technology adoption, supported by initiatives like the 'Make in India' program, positioning the country as a major manufacturing hub. 
Published: Jan 08 2026, 9 pmeznews.inChilean Ambassador Juan Angulo announced on Friday that negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between India and Chile have advanced significantly, with discussions underway to schedule a fifth and potentially final round. The CEPA, which encompasses over 20 chapters, aims to enhance trade, investment, and technology transfer between the two nations. Angulo highlighted that key issues such as market access and critical minerals are central to the ongoing talks. Additionally, both countries are finalizing a social security agreement to facilitate professional mobility and investments. Since the commencement of formal CEPA negotiations in May 2025, bilateral trade has surged to approximately USD 3.8 billion, with expectations of reaching USD 10 billion in the coming years. Angulo emphasized the balanced nature of the trade relationship, which he described as mutually beneficial.
Published: Jan 09 2026, 4 pmeznews.inThe first tea auction of the year in Kochi commenced with robust demand for both dust and leaf varieties, leading to an increase in average price realization to ₹181, up ₹7 from the previous week. Auctioneers Forbes, Ewart & Figgis reported that the CTC dust market saw prices rise by ₹4 to ₹5, achieving a remarkable 99% sales rate from 5,85,710 kg offered. Lower and medium plainer teas also experienced price increases of ₹5 to ₹10, with blenders purchasing 58% of the total CTC quantity. However, the orthodox dust market lagged, with only 59% of 8,000 kg sold. The orthodox leaf market fared better, with 92% of 2,59,426 kg sold, driven by strong demand from Russian buyers amid a crop shortage in Kolkata. Despite concerns over delayed payments from Iranian buyers due to unrest, demand for high-quality teas remains steady, according to Anil George, Chairman of the Tea Trade Association of Cochin.
Published: Jan 09 2026, 4 pmeznews.inIndia has responded to a proposed U.S. bill that aims to impose a 500% duty on countries purchasing Russian oil, emphasizing its commitment to securing "affordable energy" for its 1.4 billion citizens. Ministry of External Affairs spokesperson Randhir Jaiswal stated that India is closely monitoring the situation and reiterated that its energy sourcing decisions are driven by national security needs and market realities. This response follows U.S. Senator Lindsey Graham's announcement that President Trump has approved the bipartisan "Sanctioning of Russia Act 2025," which seeks to penalize nations like India, China, and Brazil for buying Russian oil, thereby supporting what Graham described as "Putin's war machine." The bill, which is expected to go to a bipartisan vote soon, includes significant penalties on goods and services imported from Russia, reflecting the U.S. government's stance amid ongoing peace negotiations regarding Ukraine.
Published: Jan 09 2026, 4 pmeznews.inIndia's Union Budget for the Financial Year 2026-27 is set to be unveiled on February 1, 2026, with stakeholders keenly observing potential changes, particularly in income tax slabs and interest rates for senior citizens. However, the government's ability to implement significant tax reforms may be constrained by a targeted fiscal deficit of 4.4% for FY26, amid global economic uncertainties, including potential US tariffs on Russian crude. Inflation has recently dipped to a historic low of 0.25% in October, slightly rising to 0.71% in November, allowing room for monetary easing. The economy is projected to grow at 7.4% in FY26, with expectations for FY27 ranging between 6.7% and 7.5%. Taxpayers hope for further relief to stimulate consumption, with speculation around adjustments to the new tax regime, which has seen over 75% adoption, potentially phasing out the old system.
Published: Jan 09 2026, 3 pmeznews.inIndia's economic recovery appears fragile, according to former Chief Economic Adviser Arvind Subramanian, who expressed concerns over potential risks from rising US tariffs and increased imports of low-cost Chinese goods. Despite government data indicating a 7.4% growth for the fiscal year ending in March, Subramanian cautioned that this figure may be misleading due to measurement issues, particularly an unusually low deflator used in GDP calculations. He noted a deceleration in nominal indicators and high-frequency data, suggesting that the economy's recovery is not assured. Subramanian also highlighted the impact of US trade policies, including punitive tariffs linked to India's oil purchases from Russia, and warned of the challenges posed by "Chinese mercantilism." He called for greater flexibility in India's currency policy to support exporters amid external shocks, while noting that the Reserve Bank of India's interventions in currency markets may need reassessment.
Published: Jan 09 2026, 2 pmeznews.inHD Hyundai has bolstered its shipbuilding collaboration with the Tamil Nadu government following a delegation visit to its Ulsan shipyard in South Korea. The delegation, led by TRB Rajaa, Tamil Nadu's Minister for Industries, included five officials who explored the shipyard's operations for commercial and special-purpose vessels. This visit comes after a memorandum of understanding signed in December 2022 for a new shipyard's construction. As part of India's Maritime Amrit Kaal Vision 2047, aimed at establishing the country as a global shipping hub, Tamil Nadu has been identified as a key site for a dedicated shipbuilding cluster. Rajaa emphasized that this partnership with HD Hyundai, a leading global shipbuilder, will lay the groundwork for India's shipbuilding ecosystem and create quality jobs. HD Hyundai officials expressed that this engagement aligns with their regional market expansion strategy, highlighting India's commitment to enhancing its shipbuilding industry.
Published: Jan 09 2026, 2 pmeznews.inIndia's exports to China have surged by 33% to $12.22 billion during the April-November period of the current fiscal year, according to commerce ministry data. This marks a significant rebound from previous years, where exports were $9.2 billion in 2024-25, $9.89 billion in 2022-23, and $10.28 billion in 2023-24. The increase is attributed to a diverse range of products, including oil meals, marine products, telecom instruments, and spices, indicating a structural shift in trade relations. Notably, the electronics sector saw substantial growth, with exports of populated printed circuit boards skyrocketing from $23.9 million to $922.4 million. Additionally, agricultural exports such as dried chilies and shrimp, along with base metals like aluminium and refined copper, contributed to this upward trend. Industry experts suggest that Indian exporters are diversifying their markets due to high tariffs in the US, seeking more competitive opportunities abroad.
Published: Jan 09 2026, 2 pmeznews.inAkasa Air has officially joined the International Air Transport Association (IATA), a global grouping representing over 360 airlines, including major Indian carriers like Air India and IndiGo. The airline achieved this milestone after successfully completing the IATA Operational Safety Audit (IOSA), a prerequisite for membership. IATA's Regional Vice President for Asia-Pacific, Sheldon Hee, expressed enthusiasm about Akasa Air's inclusion, highlighting India's vast aviation potential, which supports 7.7 million jobs and contributes $53.6 billion to the economy. With a fleet of 31 Boeing 737 MAX aircraft, Akasa Air currently operates flights to 26 domestic and six international destinations. Founder and CEO Vinay Dubey noted that IATA membership will enhance the airline's global credibility and position it as a forward-looking player in the international aviation market.
Published: Jan 09 2026, 12 pmeznews.inComplaints regarding delayed income tax refunds have surged, with less than 15% resolved by the Central Board of Direct Taxes (CBDT) in the first eight days of January, according to CPGRAMS data. Social media is rife with frustration, as many taxpayers report waiting months for refunds despite timely filings. CBDT's recent data indicates a decline in refund disbursements, prompting concerns over the impact on the budget. The CBDT's Central Action Plan for FY26 aims to expedite refunds, setting a seven-day timeline for processing under Section 143(1) and 15 days for other cases, while eliminating dependencies that could cause delays. Experts attribute the prolonged processing times to enhanced verification protocols and data-matching mechanisms designed to prevent erroneous claims. Taxpayers are encouraged to check their refund status online and address any discrepancies to facilitate quicker processing.
Published: Jan 09 2026, 11 ameznews.inConsumer staple companies are poised for a gradual demand recovery starting in the fourth quarter of FY26, according to a report by Motilal Oswal. The anticipated improvement is attributed to stabilising trade conditions following the recent GST reduction and various government initiatives aimed at boosting consumption. The report highlights that resilient rural demand and a positive shift in urban market sentiment will drive this recovery. After facing disruptions for about 40-45 days post-GST 2.0 implementation, businesses are now experiencing a rebound, aided by partial restocking and strategic pricing adjustments. The upcoming winter season is expected to further enhance consumption, particularly for health supplements, personal care items, and hot beverages. As trade normalises, the report suggests that companies will report improved revenue growth, reflecting underlying demand conditions, with a sustained push from supportive government measures and seasonal trends.
Published: Jan 09 2026, 10 am
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