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Air India and IndiGo have announced ambitious plans for 2026, with Air India set to reintroduce two fully refurbished Boeing 787-8 aircraft in February, followed by two more each month. The airline aims to modernize nearly 65% of its widebody fleet and over 50% of its international services by the end of 2026, alongside the opening of new flagship lounges in Delhi and San Francisco. Meanwhile, IndiGo, which faced significant operational disruptions earlier this month, is focusing on enhancing reliability and expects to carry over 123 million passengers in 2025. The airline will also introduce India's first Airbus A321XLR and expand its international routes, including non-stop services to Athens. IndiGo's CEO, Pieter Elbers, emphasized the importance of learning from past challenges as the airline prepares for a new year of growth and operational improvement. 
Published: Dec 31 2025, 5 pmeznews.inIndia and the Russia-led Eurasian Economic Union (EAEU) are set to resume negotiations for a proposed free trade agreement (FTA) by the end of February 2026, following the Indian Budget session. New Delhi is prioritizing the removal of numerous non-tariff barriers (NTBs) that hinder Indian exporters, particularly concerning differing standards and language requirements. Russian President Vladimir Putin emphasized the importance of the FTA in facilitating trade and reducing barriers during his recent visit to India. Currently, India faces a significant trade deficit with Russia, with exports at $4.9 billion and imports at $63.8 billion in FY25. The first round of negotiations took place in November 2025, with an 18-month work plan established to enhance market access for Indian businesses, including small and medium enterprises, farmers, and fishermen. Russia remains India's primary trading partner within the EAEU, which also includes Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Published: Dec 31 2025, 7 pmeznews.inRanen Banerjee, Partner and Economic Advisory Leader at PwC India, has outlined significant risks and expectations for India's economic growth in FY26 and FY27. He identifies growing trade protectionism, escalating geopolitical conflicts, and climate change as major threats to economic stability. Banerjee emphasizes the need for key policy initiatives, including incentivizing states to improve land and labor conditions, enhancing youth employability through skill development, and ensuring tax policy certainty to attract investments. He anticipates important budget announcements, such as public-private partnerships for MSME infrastructure, tax relief for sectors impacted by trade barriers, and increased funding for research and development, particularly in AI. Despite potential tax revenue shortfalls, Banerjee believes the government will meet its fiscal deficit targets, aided by higher dividends from the RBI and public sector units, alongside reduced revenue expenditures due to lower spending on various schemes.
Published: Dec 31 2025, 5 pmeznews.inThe calendar year 2025 was marked by significant economic developments in India, beginning with the Union Budget for FY26, which introduced a major income tax reform, exempting annual incomes up to ₹12.75 lakh from taxes. This budget also initiated a long-awaited GST rate rationalisation, effective from September 22, establishing a two-tier rate structure of 5% and 18%, alongside a special 40% slab. However, the imposition of a 50% tariff by the US on Indian exports, particularly affecting the gems, jewellery, and textiles sectors, created challenges, contributing to a record low for the Indian rupee at 91.38 against the dollar. Despite these hurdles, India’s economy showed resilience, with GDP growth exceeding 7% in three consecutive quarters, prompting upward revisions in growth forecasts. The recent upgrade of India’s sovereign rating by S&P Global to ‘BBB’ is expected to enhance foreign investment and support sustained growth, projected at 7.5% for FY27.
Published: Dec 31 2025, 6 pmeznews.inThe Indian government has introduced a fresh price-based safeguard duty on steel, ranging from 11% to 12% over three years, aimed at stabilising domestic prices and protecting the industry from import competition amid weak global demand. The duty will start at 12% until April 2026, decreasing to 11.5% in the second year and 11% in the third. A price exemption mechanism will apply, allowing imports priced below $675 per tonne for hot-rolled coils and $824 for cold-rolled coils to avoid the duty. Domestic hot-rolled coil (HRC) prices have fallen from ₹52,850 per tonne in April to ₹46,000 in November, reflecting ongoing supply pressures. Experts, including ICRA's Sumit Jhunjhunwala, view the duty as a necessary measure to shield the domestic steel sector from global market distortions, although concerns remain that a significant drop in Chinese prices could undermine its effectiveness.
Published: Dec 31 2025, 6 pmeznews.inNet tax revenue in India fell to approximately ₹14 lakh crore during the April-November period of FY26, reflecting a decline of over 3% compared to the previous year, according to data from the Controller General of Accounts. This decrease is attributed to challenges in Goods and Services Tax (GST) collections and a drop in Custom Duty revenue amid lackluster trade performance. Despite this, capital expenditure surged by over 28%, driven by significant investments in railways, roads, and defense, with the government aiming to maintain its fiscal discipline. Experts, including ICRA's Chief Economist Aditi Nayar, predict that while capital expenditure may need to contract in the latter half of the fiscal year, overall fiscal slippage is unlikely, as revenue expenditure has only increased by 2%, and non-tax revenues are expected to exceed budget estimates. The Union Budget allocated ₹11.21 lakh crore for capital expenditure this fiscal year.
Published: Dec 31 2025, 6 pmeznews.inAs the New Year approaches, the Jammu and Kashmir and Ladakh regions are set to experience widespread heavy snowfall and rainfall due to a western disturbance moving in from north Pakistan, according to the India Meteorological Department (IMD). On January 1, residents may wake up to significant precipitation, while light to moderate rain and snow are expected to persist in Himachal Pradesh and Uttarakhand. The disturbance, which originated from southern Iran, is anticipated to raise nighttime temperatures in North-West India by 2-4°C before a subsequent drop. Meanwhile, isolated rainfall is forecasted for Punjab, Haryana, and Delhi, with thunderstorms expected in southern regions like Tamil Nadu and the Andaman Islands. The arrival of this weather system may also lead to dense fog and cold wave conditions across North-West and Central India, impacting temperatures and visibility as the year begins.
Published: Dec 31 2025, 5 pmeznews.inIn 2025, India’s seafood export sector faced significant challenges, primarily due to a series of tariff increases from the United States, which imposed a 5.77% Countervailing Duty (CVD) and a 2.49% Anti-Dumping Duty (ADD). The situation deteriorated further with a proposed 26% retaliatory tariff, disadvantaging Indian exporters compared to competitors like Ecuador and Vietnam. Although a temporary suspension of country-specific tariffs provided brief relief, a subsequent 25% basic customs duty and an additional 25% penal tariff from August exacerbated cost pressures. Consequently, seafood exports to the US fell by $62 million (4.2%) from April to October 2025, with a sharper decline of $174.57 million (33.34%) from August to October. However, exports to the EU and China increased significantly, contributing to an overall 16% rise in seafood exports. Analysts predict a strong outlook for 2026, with India’s market share in the US expected to remain above 40%, bolstered by potential trade agreements with the EU and UK.
Published: Dec 31 2025, 4 pmeznews.inNavi Mumbai International Airport (NMIA) began commercial operations on December 25, 2025, enhancing air travel capacity in the Mumbai Metropolitan Region. However, the Cellular Operators’ Association of India (COAI) has raised concerns with the Department of Telecommunications (DoT) regarding NMIA's alleged refusal to grant Right of Way (RoW) permissions to telecom providers, including Bharti Airtel, Reliance Jio, and Vodafone Idea. COAI claims that NMIA is imposing exorbitant charges for its own telecom network, demanding around ₹92 lakh per month from each operator, which it argues is disproportionate and violates RoW regulations. The association contends that NMIA's actions create monopolistic conditions, stifling competition and consumer choice. COAI has urged the DoT to intervene, ensure compliance with RoW laws, and address NMIA's misleading statements attributing connectivity issues to telecom operators, emphasizing the need for regulatory neutrality to benefit passengers.
Published: Dec 31 2025, 4 pmeznews.inThe Commerce Department has unveiled the Market Access Support (MAS) initiative, allocating ₹4,531 crore over six years to bolster India's export capabilities, particularly for micro, small, and medium enterprises (MSMEs) and first-time exporters. This initiative is part of a broader ₹25,000 crore Export Promotion Mission approved by the Union Cabinet in November. Ajay Bhadoo, Additional Secretary at the Directorate General of Foreign Trade, emphasized the scheme's focus on diversifying beneficiaries and enhancing India's global market presence through structured interventions. The MAS will facilitate activities such as Buyer-Seller Meets and participation in international trade fairs, with a minimum of 35% MSME participation mandated. Additionally, small exporters with turnover up to ₹75 lakh will receive partial airfare support. A dedicated portal will streamline processes for event management, ensuring transparency and accessibility for all stakeholders involved in the export sector.
Published: Dec 31 2025, 2 pm
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