eznews.in
Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan assured the Lok Sabha that the Indian government prioritizes the protection of the agricultural sector during negotiations for Free Trade Agreements (FTAs). Responding to concerns from farmers' organizations regarding potential adverse impacts of proposed FTAs, including with the US, Chouhan emphasized that safeguards are in place to shield sensitive sectors like agriculture and dairy from unfair competition. He highlighted the government's proactive engagement with farmers, noting that discussions have addressed various issues, including the Electricity Amendment Bill and rural employment under the Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission (Grameen). Chouhan also reported an average outstanding farm debt of ₹74,121 per agricultural household, while over ₹4.09 lakh crore has been disbursed through the PM-KISAN scheme. Additionally, the agriculture sector's gross value added (GVA) grew by 10.4% in 2024-25, reflecting ongoing assessments of key growth factors. 
Published: Feb 03 2026, 8 pmeznews.inThe United States has announced a significant reduction in reciprocal tariffs on Indian jewellery, slashing them from 50% to 18%, a move expected to benefit exporters who have faced challenges due to previous high tariffs. Indian exporters now enjoy a competitive edge over rivals like China and Thailand, which face higher tariffs. Industry leaders, including Namita Kothari of Akoirah by Augmont, noted that the previous elevated tariffs had disrupted buying cycles and compressed margins, but the new lower rates restore predictability for operations. The tariff cut is anticipated to boost export volumes and enhance India's status as a global manufacturing hub, particularly as demand for lab-grown diamonds rises among younger US consumers. The Gem and Jewellery Export Promotion Council highlighted that the reduction will lower costs for US importers and stabilize operations for Indian jewellers, supporting a sector that employs nearly five million people.
Published: Feb 03 2026, 9 pmeznews.inIn a recent trade deal with the United States, India has reportedly maintained its stance against the import of genetically-modified (GM) soybean and maize, despite US President Donald Trump's assertions that India would increase its agricultural purchases from the US. Commerce Minister Piyush Goyal emphasized that sensitive sectors would not be compromised, reinforcing India's redline on GM crops. While the US Secretary of Agriculture, Brooke Rollins, highlighted the potential for increased exports of American farm products to India, officials indicated that India’s import duties on soybean oil—27.5% for crude and 35.75% for refined—remain unchanged, with US exports of soy oil being minimal. Additionally, there are expectations for India to allow imports of fresh apples and certain dry fruits at reduced or zero duties, reflecting ongoing negotiations to balance agricultural trade between the two nations.
Published: Feb 03 2026, 9 pmeznews.inAndhra Pradesh Chief Minister N Chandrababu Naidu has urged officials to promote saffron cultivation in the state, particularly in Lambasingi, located in the Eastern Ghats. During a review meeting on agriculture in Amaravati, he emphasized the need for a public-private partnership model that includes local tribal communities in large-scale saffron farming initiatives. Naidu also outlined plans to position Andhra Pradesh as the country's leading hub for natural farming, highlighting that 1.8 million farmers are currently engaged in natural farming across 2 million acres. He called for a reduction in chemical fertilizer use and stressed the importance of certification and traceability to enhance the market value of natural produce. Additionally, he proposed training programs on natural farming in collaboration with Subhash Palekar, a noted advocate for sustainable agricultural practices.
Published: Feb 03 2026, 9 pmeznews.inUnion Minister Piyush Goyal announced on Tuesday that India has secured a favorable trade deal with the United States, reducing reciprocal tariffs from 50% to 18%, thanks to Prime Minister Narendra Modi's strong relationship with President Trump. While the deal has been welcomed by exporters and the stock market, it is still in the final stages of negotiation, with implementation contingent on a joint statement from both nations. The Sensex surged by over 2,000 points, reflecting optimism in labor-intensive sectors like textiles and apparel, which are expected to benefit significantly. Goyal emphasized that sensitive sectors, particularly agriculture and dairy, will remain protected, indicating India will not concede to U.S. demands for market access to genetically modified crops. Additionally, a government source clarified that India's oil purchases from Russia are decreasing, and the country is open to sourcing from non-sanctioned Russian companies. The deal aims to facilitate $500 billion in U.S. imports over five years.
Published: Feb 03 2026, 9 pmeznews.inIndia's domestic air passenger traffic saw a decline of over four percent in December 2025, primarily due to operational challenges faced by airline giant IndiGo. The Directorate General of Civil Aviation (DGCA) reported that scheduled domestic carriers transported approximately 1.43 crore passengers, down from 1.49 crore in December 2024. Sequentially, traffic fell by 5.9 percent from November 2025, when 1.52 crore passengers were flown. Despite these setbacks, IndiGo maintained the largest market share at 59.6 percent, although it experienced a drop from 63.6 percent in November, with over 85 lakh passengers carried. The Air India Group and Akasa Air reported gains, increasing their market shares to 29.6 percent and 5.2 percent, respectively. Overall, the cancellation rate surged to 6.92 percent, significantly higher than November's 1.33 percent, with operational and weather-related issues cited as key factors affecting performance.
Published: Feb 03 2026, 9 pmeznews.inGold and silver rebounded on Tuesday, recovering losses from previous sessions as investors engaged in bargain hunting. Silver surged over 11%, surpassing $100 per ounce in China, while gold rose by 5.5%. The platinum group of metals also saw a recovery, increasing by 6%. Analysts noted that the recent sharp corrections—25% for gold and 45% for silver—prompted strong physical buying, with Renisha Chainani from Augmont highlighting that the declines were more technical than fundamental. In India, gold futures gained 6%, and silver contracts rose by 15%, as investors capitalized on the price drop. The Shanghai Futures Exchange reported silver at a premium due to high demand in various industries. Despite the volatility, experts predict gold could reach $5,000, while silver may consolidate between $72 and $87. The precious metals market remains influenced by geopolitical tensions and macroeconomic uncertainties.
Published: Feb 03 2026, 8 pmeznews.inThe GST Council is set to streamline processes related to registration, refunds, and audits in its upcoming meeting, following a recommendation for a comprehensive overhaul of the rate structure during its last session on September 3. A senior Finance Ministry official indicated that the agenda for the next meeting, likely scheduled for late March or early April after the Budget is passed, is being prepared based on extensive discussions. Tax experts have urged the Council to address the challenges posed by the current distinction between goods and services, which hampers liquidity for businesses. Additionally, new tax proposals in the Finance Bill aim to empower compliant taxpayers, allowing for revised returns to be filed within twelve months and expanding immunity provisions for under-reporting cases. The official emphasized that successful implementation of these changes will require significant effort from officials.
Published: Feb 03 2026, 8 pmeznews.inIn a move to enhance access to CAR-T therapies in India, the government has waived basic customs duty on 17 cancer drugs, including the indigenously developed Talycabtagene autoleucel. This therapy, a collaboration between IIT-B and Tata Memorial Hospital, is commercialized by ImmunoAct, an IIT-B incubated company. While the waiver has sparked confusion among industry insiders regarding its implications—whether it pertains to patented components or facilitates the import of CAR-T therapies—health ministry sources clarified that the goal is to meet patient needs. Currently, only two local companies, ImmunoAct and Immuneel Therapeutics, produce CAR-T therapies, which are significantly cheaper than their international counterparts, priced at approximately Rs 35-40 lakh per infusion. Major global players like Novartis and Gilead do not yet sell their CAR-T products in India, highlighting the potential for growth in this sector.
Published: Feb 03 2026, 8 pmeznews.inDespite US President Donald Trump's claims that India will cease importing Russian crude oil, government sources indicate that New Delhi plans to continue sourcing from "non-sanctioned entities," including Russia. Analysts and trade sources suggest a complete halt in supplies is "extremely unlikely" in the next few months, as no official order has been issued to stop these imports. Current logistics mean that vessels carrying Russian oil will continue to arrive at Indian ports until early 2026. While refiners could technically operate without Russian oil, a rapid disengagement would pose commercial and political challenges. Moody's warns that a total cessation of Russian imports could disrupt India's economic growth, potentially raising inflation. However, India is diversifying its oil sources, with US crude imports rising significantly. This strategy aims to mitigate risks while maintaining stable refined product yields, as refiners adapt to changing market dynamics.
Published: Feb 03 2026, 8 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact