eznews.inCalifornia is expected to rely heavily on imports from Asia, particularly jet fuel and gasoline, to compensate for reduced local refining capacity, as refinery maintenance on the US West Coast impacts supply. Indian refiners, notably Reliance Industries, are poised to benefit from this situation, with exports of refined petroleum products anticipated to remain stable in 2026. Kpler, a global data analytics provider, highlights that India's refinery expansions and increased utilization will enhance product availability, allowing for continued competitiveness in the export market. However, planned refinery maintenance in the US could temporarily disrupt export availability and increase volatility. Additionally, the European Union's recent sanctions may compel Indian refiners to seek alternative crude sources, further influencing export dynamics. Despite these challenges, strong global demand for refined products suggests that Indian exports will continue to find markets, even without European outlets. 
Published: Jan 26 2026, 7 pmeznews.inMustard acreage in India has increased by 3.2% this year, reaching 89.36 lakh hectares, compared to 86.57 lakh hectares in 2024-25. Following a decline of over 4% last year, production is expected to rise by at least 10% in 2025-26, bolstered by favorable weather conditions. However, forecasts of rain and hailstorms in the north-west region pose a potential threat to crops. The government aims for a production target of 139 lakh tonnes, up from last year's 126.67 lakh tonnes. Notably, Uttar Pradesh has seen a remarkable increase in mustard acreage, nearly tripling since 2015-16, while areas in the north-east, particularly Jharkhand and Assam, have experienced declines due to adverse weather during the sowing period. Experts remain optimistic about overall production, citing good crop conditions and the absence of frost.
Published: Jan 26 2026, 8 pmeznews.inAs gold prices continue to soar, the Indian government is expected to significantly increase allocations to the Gold Reserve Fund in the revised estimates for FY26 and the budget estimates for FY27. This fund is crucial for covering redemption payouts under the Sovereign Gold Bond (SGB) scheme, which has seen a surge in redemptions, particularly from the 2017–18 series. Bonds issued at prices between ₹2,881 and ₹2,951 per unit are now being redeemed at rates ranging from ₹9,486 to ₹14,853. With the FY26 allocation previously set at ₹700 crore, a substantial revision is anticipated, especially following FY25's allocation of over ₹28,000 crore. Looking ahead, several tranches from the 2018–19 and 2021–22 series are also nearing redemption. The Reserve Bank of India bases redemption prices on gold's average closing rates, which currently exceed ₹16,000 per gram, indicating ongoing high costs for the government.
Published: Jan 26 2026, 8 pmeznews.inSaffron prices in Kashmir have surged nearly 100% this season, with 10 grams of GI-tagged saffron now selling for around ₹4,000. However, farmers are struggling to benefit from this price increase due to a dramatic decline in production, which has plummeted by approximately 75% over the past year, from nearly 15 tonnes to just one tonne. Abdul Majeed Wani, president of the All Jammu and Kashmir Saffron Growers’ Association, attributed this drop to changing climatic patterns, particularly prolonged dry spells that have hindered the growth of saffron corms. Official data reveals a long-term decline in saffron output in Jammu and Kashmir, with production falling from 8 tonnes in 2010-11 to 2.6 tonnes in 2023-24. Despite a slight recovery of 4% in the latest season, growers warn that without improved irrigation and climate-resilient practices, the saffron industry faces further challenges.
Published: Jan 26 2026, 7 pmeznews.inIn India, the electric motorcycle market remains underdeveloped, with only a handful of brands, including Matter, Revolt Motors, Ola Electric, and Oben Electric, currently manufacturing these vehicles. Industry leaders are calling for government incentives, as existing schemes like FAME-II and PM E-DRIVE have primarily focused on electric scooters and three-wheelers. Anjali Rattan, Chairperson of RattanIndia, emphasized the need for subsidies specifically for electric motorcycles, which represent a significant portion of the two-wheeler market dominated by internal combustion engine vehicles. Mohal Lalbhai, Founder of Matter, echoed this sentiment, advocating for research and development support to enhance the technology of electric motorcycles. As India aims for its 2030 electrification targets, stakeholders urge the upcoming Budget to introduce targeted incentives for electric motorcycles to foster growth in this crucial segment and support the transition to a self-reliant EV ecosystem.
Published: Jan 26 2026, 7 pmeznews.inChilli production in India is projected to decline significantly this year, with estimates at approximately 5.39 lakh tonnes, down from 6.62 lakh tonnes last year. This reduction is attributed to a decrease in cultivation area, which has shrunk from 1.25 lakh acres five years ago to just 30,000 acres, alongside pest issues such as thrips attacks and wilt. Consequently, prices have surged in the Warangal and Khammam agricultural markets, peaking at ₹22,000 per quintal before stabilizing between ₹15,000 and ₹18,500, marking the highest levels in three years. Market analysts from Prof. Jayashankar Telangana Agricultural University have noted mixed sentiments due to quality concerns from excess moisture affecting early crop arrivals. Despite these challenges, some officials remain optimistic about demand, with expectations of a gradual recovery in prices, projected to range between ₹13,500 and ₹15,500 per quintal in January 2026.
Published: Jan 26 2026, 7 pmeznews.inThe upcoming Budget is set to prioritize the revitalization of the rural economy, with the Prime Minister’s Office urging the Finance Ministry to address the declining agricultural growth, which has dropped from 4.6% in 2024-25 to an estimated 3.1% in 2025-26. Proposed measures may include strengthening cooperative farming, enhancing post-harvest infrastructure, and supporting agro-processing units to boost rural incomes and employment. Despite record foodgrain production, the average gross value-added (GVA) in agriculture has stagnated at 3-4% due to pandemic impacts and climate challenges. The agricultural sector's GVA share has also decreased from 20.4% in 2020-21 to 17.7% in 2023-24. Allied sectors, particularly livestock, have emerged as key growth drivers, contributing significantly to farmers' incomes. The government aims to bolster agricultural exports and enhance market access, particularly in light of anticipated El Nino conditions affecting production.
Published: Jan 26 2026, 6 pmeznews.inEconomic Affairs Secretary Anuradha Thakur is spearheading the Budget process for 2026-27, supported by key finance officials including Revenue Secretary Arvind Shrivastava and Chief Economic Adviser V Anantha Nageswaran. As Finance Minister Nirmala Sitharaman prepares to unveil her ninth consecutive Budget on February 1, the backdrop features a robust 7.4% growth rate amid geopolitical uncertainties. Thakur, a 1994 IAS officer and the first woman to lead the Economic Affairs Department, is pivotal in resource allocation and macroeconomic planning. Shrivastava, in his inaugural role as Revenue Secretary, will focus on tax proposals, while Expenditure Secretary Vumlunmang Vualnam oversees government spending and fiscal discipline. Other key figures include M Nagaraju, who manages financial inclusion initiatives, Arunish Chawla, responsible for disinvestment strategies, and K Moses Chalai, who ensures effective capital expenditure in public enterprises. Nageswaran's office provides essential macroeconomic insights and advice on fiscal policy.
Published: Jan 26 2026, 3 pmeznews.inTax collections by the central government have underperformed in the financial year 2025-26 (FY26), with growth at just 3.3% year-on-year, significantly below the budgeted 12.5%, according to a report by CareEdge Ratings. Direct tax collections, particularly corporate and income taxes, have lagged, with corporate tax growing by 7.8% against a target of 9.7%, and income tax rising by 6.8% compared to a budgeted 21.6%. Additionally, Goods and Services Tax (GST) collections fell by 2.0% due to recent structural changes. However, the report anticipates a rebound in FY27, projecting gross tax revenue to increase by 9.6% to Rs 43.5 trillion, with direct taxes expected to grow by 11.0%. Tax buoyancy is also forecasted to improve, indicating a better alignment with nominal GDP growth. Overall, FY26's weak tax performance raises concerns about potential shortfalls against budget estimates.
Published: Jan 26 2026, 3 pmeznews.inMadhya Pradesh Governor Mangu Bhai Patel announced that 2026 will be designated as the 'year of agriculture' during the state's 77th Republic Day celebrations at Lal Parade Ground in Bhopal. He highlighted a significant budget increase for agriculture, rising from ₹600 crore in 2002-03 to ₹27,000 crore in 2024-25, aimed at enhancing farmer welfare through a multifaceted development model. Patel also noted the implementation of the e-Mandi scheme, benefiting 40 lakh farmers, and efforts to position Madhya Pradesh as India's milk capital, with increased support for animal husbandry. Additionally, he reported on housing initiatives under the Pradhan Mantri Awas Yojana, educational advancements, and wildlife conservation efforts, including the establishment of new tiger reserves. The governor emphasized the government's commitment to industrial growth through regulatory reforms, while Republic Day festivities were observed across the state, led by Chief Minister Mohan Yadav and Deputy Chief Minister Jagdish Devda.
Published: Jan 26 2026, 2 pm
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