eznews.inIndia has officially launched talks for a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC), marking a resumption of negotiations that last took place in 2006 and 2008. The terms of reference for the FTA were signed by Commerce and Industry Minister Piyush Goyal, who emphasized the potential for enhanced bilateral trade and investment, particularly benefiting the approximately 10 million Indians residing in the GCC region. In the fiscal year 2024-25, bilateral trade between India and the GCC reached USD 178.7 billion, with Indian exports growing to USD 57 billion and imports rising to USD 121.7 billion. The UAE emerged as India's third-largest trading partner, while Saudi Arabia and Qatar also featured prominently in trade relations. The FTA aims to build on existing agreements, including a free trade pact with the UAE and a Comprehensive Economic Partnership Agreement with Oman. 
Published: Feb 05 2026, 2 pmeznews.inIndia's sunflower oil imports are projected to decline by approximately 10% in the 2025/26 marketing year, reaching a four-year low due to rising prices that have made it less competitive compared to alternatives like palm oil. Currently, crude sunflower oil from the Black Sea is priced at about $1,420 per metric tonne for March delivery, significantly higher than crude palm oil at $1,165 and crude soy oil at $1,255. As a result, India, the world's largest vegetable oil importer, is expected to import only 2.65 million tonnes of sunflower oil, down from 2.94 million tonnes the previous year. This shift is likely to bolster palm oil imports, which surged by 51% in January, while sunflower oil imports fell by 23%. The price surge is attributed to adverse weather conditions in Russia and Ukraine, which dominate global sunflower oil exports, although Argentina is offering cheaper alternatives.
Published: Feb 05 2026, 2 pmeznews.inHindustan Aeronautics Ltd (HAL) announced on Thursday that five LCA Mk1a fighter jets are fully prepared for delivery, with an additional nine aircraft already built and flown. The public sector aerospace and defence company stated that it is in active discussions with the Indian Air Force (IAF) to expedite delivery, having received five engines from General Electric (GE) to support this process. HAL expressed confidence in meeting its delivery targets for the current financial year. The IAF is set to review the LCA Mk1A project in May, which involves a total order of 180 aircraft, following previous discussions in December. Delays in delivery, initially expected last year, have been attributed to supply chain issues related to the engines, with the IAF insisting on fully operational configurations before acceptance. The first prototype of the Tejas Mk1A was flown on October 17, 2023, with project completion anticipated by April 2026.
Published: Feb 05 2026, 1 pmeznews.inIndia and the United States are poised to finalize a joint statement on the initial phase of their bilateral trade agreement within the next 4-5 days, according to Commerce and Industry Minister Piyush Goyal. Following the signing, the US is expected to issue an executive order reducing tariffs on Indian goods to 18%, down from the current 25% reciprocal tariff and an additional 25% on Russian crude oil imports. Goyal indicated that a comprehensive legal agreement for this first tranche is anticipated by mid-March, with Commerce Secretary Rajesh Agrawal expressing optimism about signing the legal text by then. However, Goyal clarified that the pact does not include any investment commitments. The forthcoming legal agreement will also facilitate tariff reductions by India on select US products, marking a significant step in enhancing bilateral trade relations.
Published: Feb 05 2026, 1 pmeznews.inVoltas anticipates double-digit revenue growth in its room air conditioner (AC) segment this summer, driven by a surge in first-time buyers, according to Jayant Balan, head of the division. With only 10% of Indian households owning an AC—compared to 66% in China and 33% in Thailand—demand is expected to rebound after a challenging previous season, where revenue fell 25% due to early monsoon rains and cooler temperatures. Voltas, which holds an 18% market share, faces competition from Blue Star, Daikin, and LG. Despite recent tax cuts, AC prices are likely to rise due to new energy-efficiency regulations and increasing costs of materials like copper and silver. Additionally, Voltas is keen to expand its export capabilities, developing products for international markets as Europe embraces AC technology. The company reported total revenue of ₹15,413 crore ($1.7 billion) for the fiscal year 2024-25.
Published: Feb 05 2026, 1 pmeznews.inIndia and the Gulf Cooperation Council (GCC), which comprises six nations including Saudi Arabia and the United Arab Emirates, have reached an agreement to initiate negotiations for a free trade agreement. Commerce Minister Piyush Goyal announced the development on Thursday, highlighting the potential for enhanced economic collaboration between India and the GCC countries. This agreement marks a significant step in strengthening trade ties, as both parties seek to capitalize on mutual interests and economic opportunities. Further details on the negotiations and their implications for trade are expected to emerge in the coming days. This is a developing story, and updates will be provided as more information becomes available.
Published: Feb 05 2026, 1 pmeznews.inAlphabet, Google's parent company, has achieved a significant milestone by surpassing $400 billion in annual revenues for the first time in 2025, as reported by CEO Sundar Pichai. In a social media update, Pichai described the quarter as "tremendous," crediting the growth to an expansion in Search and Cloud services, driven by advancements in the company's AI ecosystem. Notably, Google Search experienced a 17% year-on-year growth, while Google Cloud revenues surged by 48%, reaching an annual run rate exceeding $70 billion. The report also highlighted a remarkable 400% increase in revenue from products utilizing generative AI models. YouTube's annual revenue surpassed $60 billion, and the Gemini App now boasts over 750 million monthly active users. Looking ahead to 2026, Alphabet plans to significantly increase its capital expenditure, forecasting investments between $175 billion and $185 billion to enhance data centers and AI computing capabilities.
Published: Feb 05 2026, 2 pmeznews.inSun Pharmaceutical, a leading global drug manufacturer, has announced a ₹500 crore investment to establish a pharmaceutical manufacturing plant in Assam, which is expected to create over 500 direct jobs. Chief Secretary Ravi Kota confirmed the plans following a meeting with senior company officials, including Vice President Rahul Awasthi. The project will unfold in two phases, focusing on drug formulation units to serve the Indian market. Discussions also covered essential factors such as land, water and power availability, connectivity, and access to skilled labor. The company emphasized its commitment to sustainable manufacturing practices, including efficient water use and renewable energy adoption. This initiative aligns with the Assam government's strategy to attract investors, promote employment, and foster long-term economic growth in the region. Sun Pharmaceutical is recognized as the world's fourth-largest and India's largest pharmaceutical firm, operating over 40 manufacturing facilities globally.
Published: Feb 05 2026, 12 pmeznews.inBangalore Metro Rail Corporation Limited (BMRCL) has announced an annual fare revision set to take effect on 9 February 2026, following recommendations from the Fare Fixation Committee (FFC). The fare increase, which will range from ₹1 to ₹5 across ten fare zones in its 96.10 km network, is limited to 5% despite a calculated cost increase of 10.20% based on financial data from FY 2024-25. This adjustment comes a year after a controversial fare hike in February 2025, which saw fares rise by up to 110%, leading to public protests and a partial rollback by the state government. The FFC's report, made public amid calls for transparency, acknowledged errors in fare calculations. BMRCL stated that the new fare structure aims to prevent infrequent and steep increases in the future, proposing an annual automatic fare revision linked to operational costs or capped at 5%, whichever is lower.
Published: Feb 05 2026, 11 ameznews.inBoeing Co. is set to cut approximately 300 jobs from its defence division, with notifications to affected employees occurring this week, according to a source familiar with the situation. The layoffs will affect various locations across the United States and come amid broader job reductions in the industry, including at companies like Amazon and UPS. In a statement, Boeing emphasized its ongoing evaluation of workforce needs to align with customer commitments. Despite the cuts, the aerospace giant is actively hiring, with over 1,300 job openings available, and is assisting displaced workers in finding new roles within the company. Boeing's workforce stood at 182,000 at the end of 2025, reflecting a growth of about 10,000 employees from the previous year, as the company integrates Spirit AeroSystems and ramps up production of commercial jets and the B-47 fighter jet for the Pentagon.
Published: Feb 05 2026, 11 am
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