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India's leather exports, which reached approximately $3 billion last financial year, are set for a significant boost following the recent India-European Union Free Trade Agreement (FTA). The EU, accounting for nearly 40% of these exports, will eliminate tariffs on leather goods and footwear, which previously ranged from 2.5% to 17%. Industry leaders, including Ramesh Juneja and Abdul Wahab from the Council for Leather Exports, anticipate a remarkable 300% growth, projecting exports to hit $6 billion by 2030. This FTA positions Indian exporters favorably against competitors from Vietnam, China, and Bangladesh, who previously enjoyed tariff advantages. The zero-duty status is expected to attract business away from these countries, providing a much-needed lifeline for Indian exporters, especially as they face challenges in the US market due to high tariffs imposed during the Trump administration. 
Published: Jan 28 2026, 7 ameznews.inAir India is set to enhance its international operations by introducing its latest Boeing 787 on the Mumbai-Frankfurt route starting February 1, as part of its Vihaan.AI transformation initiative. This new aircraft features upgraded cabins, including flat business-class seats and advanced in-flight entertainment systems with QLED HDR touchscreens, Bluetooth headphone pairing, and wireless charging pads. The airline aims to expand its international capacity from Mumbai, which has been limited compared to its Delhi operations, and is expected to introduce new routes to Tokyo and potentially re-establish services to Johannesburg. Air India's CEO, Campbell Wilson, emphasized that this new aircraft marks a significant milestone in the airline's five-year transformation plan, highlighting its commitment to providing a world-class travel experience alongside traditional Indian hospitality. Additionally, existing aircraft will undergo retrofitting, with the first retrofitted Boeing 787 expected to return to service in early 2026.
Published: Jan 28 2026, 8 ameznews.inIn a significant development for international trade, India and the European Union have finalized a landmark free trade agreement (FTA), described by leaders as the "mother of all trade deals." The agreement, reached after nearly two decades of negotiations, will eliminate tariffs on 90% of Indian exports on the first day of implementation, with the EU extending concessions to 99.5% over seven years. In return, India will open its markets to a variety of European goods, including automobiles and pharmaceuticals, while dairy products remain excluded due to sensitivities. EU President Ursula von der Leyen emphasized the partnership as a response to global challenges, while Prime Minister Narendra Modi hailed it as a blueprint for shared prosperity, representing a quarter of global GDP. The deal is expected to be implemented by 2026, pending approval from the EU Parliament, although no concessions were made regarding the EU's controversial carbon tax regulation.
Published: Jan 27 2026, 10 pmeznews.inThe recent clinching of the India-EU Free Trade Agreement (FTA) has raised hopes among Indian exporters, particularly in labour-intensive sectors like apparel, leather, and gems, which have been struggling due to high tariffs in the US market. The FTA is set to eliminate tariffs of up to 10% on nearly $33 billion worth of Indian exports, promising immediate benefits and potential job creation. With tariff reductions on 93% of Indian exports to the EU, the agreement is expected to significantly enhance market access, particularly for the gems and jewellery sector, which aims to double bilateral trade to $10 billion within three years. The apparel industry, facing tariffs as high as 12%, will also benefit from a level playing field against competitors like Bangladesh and Vietnam. While the FTA awaits legal scrutiny and EU Parliament approval, its implementation is anticipated by 2026, marking a strategic advancement in India's trade relations with Europe.
Published: Jan 27 2026, 10 pmeznews.inAshok Gulati, former chairman of the Commission for Agricultural Costs and Prices, has expressed skepticism about India's ability to achieve self-reliance in chemical fertilizers, citing the country's dependence on imported raw materials such as gas and phosphates. Speaking at an event in New Delhi, he emphasized the need for balanced fertilizer use and suggested reforms in subsidy policies, advocating for direct cash transfers to farmers and price decontrol to address imbalances. In contrast, NITI Aayog Member Ramesh Chand questioned the traditional NPK application ratios, arguing for a more tailored approach based on specific crop and soil health needs. Fertilizer Secretary Rajat Kumar Mishra highlighted a pilot scheme linking land size to fertilizer requirements, which reportedly saved significant quantities of urea and DAP. The ongoing debate underscores the complexities of India's agricultural fertilizer strategy amid rising consumption and subsidy challenges.
Published: Jan 27 2026, 9 pmeznews.inIndia's Finance Minister Nirmala Sitharaman marked the commencement of the final stage of budget preparation with the traditional 'halwa' ceremony at North Block on January 27, 2026. Accompanied by Minister of State for Finance Pankaj Chaudhary, Sitharaman served the sweet dish to officials involved in crafting the Union Budget, which will be presented on February 1. This ritual precedes the 'lock-in' period for budget officials, ensuring confidentiality during the final preparations. The upcoming budget will continue the trend of being delivered in a paperless format, with all documents accessible via the bilingual Union Budget Mobile App for both MPs and the public. The app will be available on Android and iOS platforms, providing easy access post-presentation. Despite various modernizations under the Modi government, including the merger of the Rail Budget and the shift to digital formats, the 'halwa' ceremony remains a cherished tradition.
Published: Jan 27 2026, 9 pmeznews.inIndustry experts have indicated that the India-EU Free Trade Agreement (FTA) will significantly benefit major European automotive manufacturers, including Volkswagen Group, Mercedes-Benz, Stellantis, and Renault. The pact is expected to allow up to 250,000 European-made vehicles to enter India at a reduced duty rate of 10%, down from the current 110%. This includes a gradual reduction in import duties for 160,000 internal combustion-engine cars and 90,000 electric vehicles over the next decade, aimed at protecting the Indian EV market. While the FTA is anticipated to enhance vehicle availability and technology access for Indian consumers, its ultimate impact will depend on the Indian Cabinet and European Parliament's implementation of specific tariffs. Industry leaders believe the agreement will foster a balanced approach between market access and domestic manufacturing, potentially positioning India as a reliable partner for Europe amid global supply chain realignments.
Published: Jan 27 2026, 9 pmeznews.inThe European Union's Carbon Border Adjustment Mechanism (CBAM), a key element of its climate policy, imposes carbon taxes on certain carbon-intensive imports, including steel and aluminium from India. Despite the absence of relief for Indian exporters under the India-EU Free Trade Agreement (FTA), a technical dialogue has been initiated to facilitate Indian access to EU markets while navigating CBAM regulations. Commerce Secretary Rajesh Agrawal emphasized that the EU has committed to extending any future flexibility offered to other trading partners to India as well. While CBAM currently targets six sectors, including steel and aluminium, it is expected to expand to all industrial goods, potentially undermining the FTA's tariff advantages. Indian officials may challenge any future expansion of CBAM taxes under the FTA, although this remains a complex issue. The EU aims to collaborate with India to streamline CBAM implementation and ensure that Indian carbon trading systems are integrated into the regulation.
Published: Jan 27 2026, 9 pmeznews.inIndian consumers will soon enjoy lower prices on a range of European food products, including breads, pastries, pasta, and chocolates, following the India-EU Free Trade Agreement (FTA), which eliminates tariffs of up to 55% on these imports. This deal not only enhances the variety and affordability of processed foods for Indian consumers but also opens up European markets for Indian processed food manufacturers, particularly in marine and value-added products. Experts highlight that while consumers will benefit from increased competition and quality, Indian companies must adapt to stringent EU regulatory standards to succeed. The FTA represents a significant shift from tariff barriers to regulatory compliance, posing challenges for many Indian businesses, especially smaller firms. Industry leaders emphasize that those who invest in quality and sustainability will be best positioned to thrive in this evolving market landscape.
Published: Jan 27 2026, 9 pmeznews.inHindalco Industries, Vedanta Aluminium, and Balco are among India's leading aluminium exporters, poised to benefit from a new free trade agreement (FTA) with the European Union. The FTA will eliminate duties on base metals, including aluminium, copper, and zinc, which currently face tariffs of up to 10%. This move is expected to diversify India's trade, enhance sectoral growth, and bolster investor confidence, according to Dr. Ravi Singh of Master Capital Services. However, the agreement does not exempt Indian exports from the EU's carbon duties, which could impose significant costs on high-emission aluminium production. As India produces 4.1 million tonnes of primary aluminium annually, with 56% exported, the FTA's impact will be gradual, with a final decision on steel export quotas anticipated by June 30. The FTA is set to take effect on July 1, 2026, amid ongoing negotiations regarding carbon compliance support.
Published: Jan 27 2026, 8 pm
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