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A new report from the Global Trade Research Initiative (GTRI) calls for a comprehensive reform of India's import tariff structure and customs administration to enhance manufacturing competitiveness and boost export growth. The report, titled ‘A Blueprint for Modernizing India's Import Tariffs and Customs Regime’, highlights that current tariffs have become irrelevant as a revenue tool, contributing to production distortions and imposing high administrative costs. With customs duties accounting for only 6% of gross tax revenue, GTRI recommends zero duties on most industrial raw materials and a standard 5% duty on finished goods over three years. It also advocates for the elimination of inverted duty structures and extreme tariffs, such as the 150% duty on alcohol. Additionally, the report criticizes the complex customs notification system and urges the government to streamline regulations for clarity and efficiency, aligning with Finance Minister Nirmala Sitharaman's commitment to overhaul customs procedures. 
Published: Jan 17 2026, 12 pmeznews.inIndia's forthcoming free trade agreement (FTA) with the European Union is poised to significantly enhance exports across key sectors, including textiles, pharmaceuticals, chemicals, engineering goods, and gems and jewellery, according to industry exporters. The agreement, expected to be finalized on January 27, aims to eliminate tariffs, potentially doubling exports to the EU within three years. This FTA is seen as a crucial step for Indian exporters to diversify their markets, particularly in light of rising US tariffs that have hampered competitiveness. The EU, accounting for 17% of India's goods exports, remains a vital trading partner, and the agreement is anticipated to provide a stable framework for long-term investments and integration into European value chains. Additionally, sectors such as IT and legal services are expected to benefit, further bolstering India's trade footprint amid global economic uncertainties.
Published: Jan 17 2026, 1 pmeznews.inIndia is poised for a record wheat production of 117.54 million tonnes in the 2024-25 season, with a promising outlook for 2025-26. In a bid to support domestic brands while managing prices, the government has partially lifted a ban on wheat exports, allowing 5 lakh tonnes of wheat products for export, as announced by the Directorate General of Foreign Trade (DGFT) on January 16. This decision aims to facilitate the Indian diaspora's access to familiar products like atta and maida. Despite the surplus, the export of wheat flour remains prohibited, and industry representatives have urged for a higher cap on exports. The government has procured 30 million tonnes from the recent harvest, the highest in four years, helping to stabilize prices. However, challenges remain as new mills in the Middle East cater to global demand, raising concerns about the timing and volume of export permits.
Published: Jan 17 2026, 1 pmeznews.inThe Telangana government has announced plans to procure nearly 1.71 lakh tonnes of red gram (tur) this kharif season, as farmers have cultivated the crop across 2.02 lakh hectares, estimating total production at approximately 3 lakh tonnes. Despite the minimum support price (MSP) for red gram being set at ₹8,000 per tonne, market prices have fallen to around ₹7,200, prompting state intervention through the State Markfed. The price per quintal is projected to be between ₹6,900 and ₹7,200 during the harvest period from January to February 2026. Although the area dedicated to red gram cultivation has slightly decreased, Telangana's share of the national red gram area has risen from 4.09% to 6.09%. Currently, 13 of the 82 proposed procurement centres are operational, with Markfed having procured 30.25 tonnes from 32 farmers for ₹0.24 crore. MSP operations will continue until March 26.
Published: Jan 17 2026, 1 pmeznews.inTwo US Senators have urged President Donald Trump to advocate for better terms for pulse crops in future trade negotiations with India, citing "unfair" tariffs that disadvantage American producers. In a letter dated January 16, Republican Senators Steve Daines and Kevin Cramer highlighted that their states, Montana and North Dakota, are the leading producers of pulse crops, while India is the largest global consumer, accounting for 27% of consumption. They pointed out that India recently imposed a 30% tariff on yellow peas, effective November 1, 2025, exacerbating the competitive challenges faced by US exporters. The Senators emphasized that addressing these tariffs could enhance economic cooperation between the two nations, benefiting both American farmers and Indian consumers. They expressed gratitude for Trump's previous efforts in this area and encouraged him to prioritize pulse crop provisions in upcoming trade agreements, recalling their earlier advocacy during Trump's first term.
Published: Jan 17 2026, 12 pmeznews.inIndia has approved a multibillion-dollar plan to purchase and jointly manufacture 114 Rafale fighter jets from France, a move aimed at bolstering its air defenses amid a dwindling fleet primarily composed of Russian aircraft. The Defence Procurement Board, led by senior officials, greenlit the proposal on Friday, although the Ministry of Defence and Air Force did not comment on the matter. This deal marks a significant shift in India's defense ties, as it seeks to reduce reliance on Russian military hardware. French President Emmanuel Macron is expected to visit India next month, coinciding with this development. The agreement includes plans for 50-60% of the jets' components, such as airframes and avionics, to be manufactured in India following technology transfers from Dassault Aviation. While India currently operates 36 Rafales and has ordered 26 maritime variants, further steps, including price negotiations and cabinet approval, are necessary before finalizing the contract.
Published: Jan 17 2026, 11 ameznews.inThe Indian Jute Mills Association (IJMA) has called on the Indian government to intervene in the escalating raw jute prices, proposing a ban on private trading of the fibre after March 31, 2026. In a letter to jute commissioner Amrit Raj, the IJMA highlighted a significant drop in raw jute availability, with stocks plummeting by 1.25 lakh bales in December 2025, while prices soared to ₹13,000 per quintal for South Bengal TDN-3 grade. This crisis has led to mill shutdowns and over 75,000 job losses. The IJMA suggests that traders be allowed until March 31 to liquidate their stocks, after which private trading would be illegal. They estimate that 25-30 lakh bales of the 2025-26 crop are held by traders and propose that the remaining be sold to the Jute Corporation of India at government-fixed prices, ensuring a stable supply for the upcoming Rabi Marketing Season.
Published: Jan 17 2026, 11 ameznews.inBJP state president Rajeev Chandrasekhar announced on Saturday that the central government has approved a new train service on the Thrissur-Guruvayur route, fulfilling a request he made last year. In posts on social media platforms X and Facebook, Chandrasekhar expressed gratitude to Prime Minister Narendra Modi and Union Railways Minister Ashwini Vaishnav for the initiative. He emphasized that the new service will significantly benefit thousands of daily commuters and devotees traveling to the Guruvayur Temple. Highlighting the government's commitment to practical solutions, Chandrasekhar stated, "Once again, the Modi government has delivered a practical solution that directly improves everyday life in Kerala," asserting that the BJP/NDA is uniquely positioned to foster development for all Malayalees. The announcement underscores the party's focus on performance-driven politics.
Published: Jan 17 2026, 10 ameznews.inIndia's agricultural mechanisation has seen significant growth over the past decade, becoming the world's largest tractor market with over 1.2 million units sold annually. However, productivity gains remain inconsistent across various crops and regions, with overall mechanisation levels rising from 40-42% in the mid-2010s to about 47% today. Despite this progress, India lags behind countries like China and Brazil, where mechanisation exceeds 60-70%. The upcoming Budget 2026 presents an opportunity to shift focus from asset-led growth to field-level outcomes, promoting integrated solutions rather than isolated equipment purchases. Technologies like Direct Seeded Rice (DSR) have shown promise in improving efficiency but require comprehensive support systems for successful adoption. A farmer-centric approach to public incentives, leveraging local institutions for subsidy access, is essential to enhance mechanisation's impact on productivity and sustainability, moving from mere scale to effective agricultural solutions.
Published: Jan 17 2026, 10 ameznews.inRavneet Kaur, chairperson of the Competition Commission of India (CCI), has urged companies leveraging artificial intelligence (AI) for business growth to conduct compliance audits to prevent anti-competitive practices. Speaking at a CII event, Kaur highlighted the potential risks associated with AI, including algorithmic collusion and price discrimination, which could inadvertently breach fair market conduct rules. She emphasized the role of company boards and management in assessing these risks as a crucial first step. While the CCI has identified seven distinct risks linked to AI, Kaur noted that no specific regulatory prescriptions have been established yet. She reiterated the CCI's commitment to balancing strong deterrence against anti-competitive behavior with fostering an innovation-driven market. Kaur also stressed the importance of ongoing dialogue to enhance regulatory clarity and compliance, as the CCI refines its analytical tools and enforcement strategies.
Published: Jan 17 2026, 9 am
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