eznews.inIIT Bombay has unveiled a groundbreaking silk production method, 'Jeevodaya', which allows silkworms to live out their natural life cycles while producing silk. Supported by Coal India under its Corporate Social Responsibility initiative, this innovative approach trains silkworms to lay silk threads on flat surfaces, eliminating the need for traditional cocoon boiling that kills millions of worms. The project, rooted in the Indian principle of compassion, aims to promote ethical and sustainable silk production while enhancing rural livelihoods. After three years of research and development, Coal India has confirmed the project's success and is now looking to facilitate its wider adoption, which could significantly benefit sericulture farmers and improve their income. The Jeevodaya method reflects a commitment to both animal welfare and sustainable agricultural practices, aligning with the ethos of minimizing suffering. 
Published: Feb 02 2026, 3 pmeznews.inIIT-Madras and Daimler India Commercial Vehicles have signed a memorandum of understanding to develop a pioneering universal driver rating system aimed at enhancing road safety in the commercial vehicle sector. This innovative project seeks to fill gaps created by inconsistent standards and weak regulatory frameworks by implementing a data-driven rating system that rewards safe driving and corrects risky behaviour. The initiative will leverage smartphone inputs and sensor data to create a digital public infrastructure for nationwide deployment, facilitating driver assessment, insurance evaluation, and background verification. Project coordinator Gitakrishnan Ramadurai emphasized that the system will not only save lives but also reduce costs for stakeholders. Daimler's CFO, Alexander Schoen, highlighted the collaboration's potential to foster safer roads and a more accountable mobility system in India, benefiting fleet operators, shippers, training institutes, and government agencies in their efforts to improve road safety outcomes.
Published: Feb 02 2026, 3 pmeznews.inIn a significant move, the budget has proposed a one-time measure allowing Special Economic Zone (SEZ) units to sell goods in the Domestic Tariff Area at concessional duty rates, aimed at alleviating the challenges faced by these units amid global market pressures. Shaleen Toshniwal, Chairman of the Manmade and Technical Textiles Export Promotion Council (MATEXIL), expressed optimism that the proposed National Fibre Scheme will enhance competitiveness and support the ambitious export target of $100 billion by 2030. The budget also introduces a Textile Expansion and Employment scheme to modernise traditional textile clusters, providing capital for technology upgrades and testing facilities. Additionally, measures to simplify the Income Tax Act and customs processes, along with the removal of the ₹10 lakh cap on courier exports, are expected to bolster the ease of doing business and encourage MSME exporters to scale up production.
Published: Feb 02 2026, 3 pmeznews.inKerala Chief Minister Pinarayi Vijayan announced plans for a multimodal cargo network centered around Cochin International Airport Limited (CIAL) during the International Cargo Business Summit, celebrating the 25th anniversary of CIAL's cargo department. The initiative aims to integrate air, road, rail, and water routes to enhance Kerala's economic landscape. CIAL, which handled over 65,000 tonnes of cargo last year, anticipates an increase to 74,000 tonnes in the current fiscal year. The airport has also provided a 50% dividend to investors and is recognized as a national model for operational excellence. Additionally, CIAL is constructing three bridges to benefit local panchayats and is in the process of obtaining certification for handling pharmaceutical products. Industries Minister P. Rajeeve highlighted that the establishment of logistics parks by global companies near CIAL will further optimize the airport's cargo capabilities, reflecting the region's growing cargo movement.
Published: Feb 02 2026, 2 pmeznews.inExternal Affairs Minister S. Jaishankar is set to visit the United States from February 2-4, 2026, to participate in the Critical Minerals Ministerial convened by US Secretary of State Marco Rubio. This visit aims to rejuvenate trade discussions that have stalled due to US demands for India to halt its Russian oil purchases and concerns over market access for US agricultural products. The Ministerial will address supply chain resilience and clean energy transitions. Jaishankar is also expected to meet with senior US officials, with discussions potentially influenced by India's recent Union Budget, which includes incentives appealing to US interests, such as tax holidays for foreign data centers and reduced barriers in clean energy. Trade relations have been strained following the imposition of 50% tariffs on Indian goods by the US in August 2025, linked to India's continued oil imports from Russia amid the ongoing Ukraine conflict.
Published: Feb 02 2026, 2 pmeznews.inThe Indian government's recent budget proposal, which includes an increase in taxes on equity derivatives trading, has raised concerns among analysts and fund managers about its potential impact on domestic shares. With foreign investors having withdrawn over $3 billion from local markets since the start of 2026, the NSE Nifty 50 Index has already seen a 3.1% decline in January, marking its worst budget-day performance in six years. The budget's failure to introduce measures to attract foreign capital has disappointed many, with experts noting that the anticipated long-term capital gains tax cuts did not materialize. The government plans to borrow 17.2 trillion rupees ($187 billion) in the upcoming fiscal year, exceeding expectations, which is likely to push bond yields higher. While some sectors may benefit, the overall sentiment in capital markets remains cautious, with analysts describing the budget as conservative and lacking in immediate growth drivers.
Published: Feb 02 2026, 1 pmeznews.inIn a significant move for the tobacco industry, the Union Government of India has announced the withdrawal of an 18% excise duty on unmanufactured tobacco, providing relief to farmers and manufacturers. This decision was formalized in a gazette notification issued on February 1, coinciding with the presentation of the 2026-27 Budget by Finance Minister Nirmala Sitharaman. The notification specifies that no duty will apply to unmanufactured tobacco or tobacco refuse that lacks a brand name and is not packaged for retail sale. The decision follows appeals from a delegation led by Tobacco Board Chairman Yashwanth Chidipothu and BJP MP D Purandheshwari, who warned that the imposition of the tax could lead to increased cigarette prices and a rise in illegal cigarette sales. However, the government has maintained the existing duties on cigarettes based on stick length.
Published: Feb 02 2026, 12 pmeznews.inThe Indian government's focus on decentralised infrastructure development in smaller cities is set to significantly boost demand for construction materials such as TMT bars and roofing sheets, insulating the sector from global price volatility. Key initiatives outlined in the recent Budget include the establishment of seven new High-Speed Rail Corridors and the operationalisation of 20 National Waterways over the next five years, which are expected to create a sustained order pipeline for the steel industry. Vinesh Mehta, Chairman of Abhay Ispat Group, described the Budget as a "demand multiplier" for steel, emphasizing the need for high-grade, value-added steel to support the country's infrastructure evolution. Additionally, targeted measures to support Champion MSMEs will enhance downstream consumption in fabrication and heavy engineering, while tax reforms are anticipated to improve liquidity for these key partners in the value chain. Overall, the outlook for India's iron and steel industry remains optimistic, aligning with the nation's $5 trillion economic ambition.
Published: Feb 02 2026, 12 pmeznews.inDuring the Budget session of Parliament in New Delhi, Finance Minister Nirmala Sitharaman unveiled the Union Budget, allocating a total of Rs 1,492 crore for the functioning of both Houses. The Lok Sabha's share is Rs 1,009 crore, which includes funding for Sansad TV, with Rs 1.56 crore designated for the salaries of the speaker and deputy speaker, and Rs 416.45 crore for MPs' salaries and allowances. Additionally, Rs 586.03 crore is earmarked for the Lok Sabha Secretariat's operational expenses. Meanwhile, the Rajya Sabha has been allocated Rs 482.99 crore, including Rs 2.55 crore for the chairman and deputy chairman's salaries, and Rs 3.36 crore for the leader of the opposition and his secretariat. A significant portion, Rs 349.37 crore, is reserved for the Rajya Sabha secretariat, covering staff salaries and operational needs, while Rs 11.70 crore is allocated for the vice president's secretariat expenses.
Published: Feb 02 2026, 12 pmeznews.inThe Union Budget for FY27 has adopted a measured approach to fiscal consolidation, prioritising increased government spending and sector-specific incentives, according to Jefferies. The fiscal deficit is set at 4.3% of GDP, a slight reduction from FY26, but higher than market expectations, which may pressure bond yields and challenge non-banking financial companies (NBFCs) and public sector banks. Key capital expenditure is projected to rise by 11%, with significant increases in defence and infrastructure spending. The electronics sector benefits from a 20-year tax exemption for cloud service providers and a substantial boost to the Electronics Components Manufacturing Scheme. The financial services sector sees increased incentives for digital payments, though a rise in Securities Transaction Tax may dampen broker sentiment. The energy sector receives enhanced subsidies for solar initiatives, while the real estate market gains from tax incentives. Overall, the budget reflects a commitment to growth through sustained investment and targeted reforms.
Published: Feb 02 2026, 12 pm
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