eznews.inIn a landmark trade agreement announced following talks between US President Donald Trump and Indian Prime Minister Narendra Modi, tariffs on Indian goods have been reduced from 25% to 18%, a move hailed by industry leaders and economists as a significant boost to bilateral economic relations. Ashish Chauhan, CEO of the National Stock Exchange of India, described the deal as a "big win" for businesses and supply chains, while Arvind Panagariya, Chairman of the 16th Finance Commission, praised the negotiation efforts. Market analysts noted that the agreement would enhance India's competitiveness in the US market, particularly benefiting export-oriented sectors like IT and pharmaceuticals. The deal also includes commitments from India to increase energy purchases from the US, further solidifying economic ties. Both leaders expressed optimism about the partnership, with Modi emphasizing the potential for mutual cooperation and growth, while Trump highlighted the importance of the agreement for global stability. 
Published: Feb 03 2026, 6 ameznews.inExternal Affairs Minister S. Jaishankar has praised a new trade agreement between India and the US, which he believes will enhance economic growth and bolster India's 'Make in India' initiative. During his three-day visit to the US for a ministerial meeting on critical minerals supply chains, Jaishankar welcomed the reduction of reciprocal tariffs on Indian goods from 25% to 18%, as announced by US President Donald Trump following a conversation with Prime Minister Narendra Modi. Modi expressed gratitude for the tariff cut, emphasizing the benefits of cooperation between the world's largest democracies. Trump noted that India would also work towards eliminating tariffs and non-tariff barriers against US goods, committing to purchase over $500 billion in American products, including energy. The leaders also discussed geopolitical issues, including the war in Ukraine, with Modi agreeing to reduce Russian oil imports in favor of US supplies.
Published: Feb 03 2026, 6 ameznews.inThe Central Board of Indirect Taxes & Customs (CBIC) has updated India's baggage and duty-free regulations for returning residents and tourists, allowing female travellers to bring back 40 grams of jewellery and male travellers 20 grams without any value cap, provided they have spent over a year abroad. Previously, these limits were accompanied by value caps of ₹1 lakh and ₹50,000. The new rules also increase duty-free allowances to ₹75,000 for resident Indians and tourists of Indian origin, while foreign tourists and crew members are allowed ₹25,000 and ₹2,500, respectively. Additionally, the transfer of residence benefits have been simplified, with duty-free limits set at ₹1.5 lakhs for up to one year abroad, rising to ₹7.5 lakhs for over two years. The revised framework aims to enhance passenger convenience and streamline customs procedures, reflecting the growing travel volumes and expectations.
Published: Feb 02 2026, 11 pmeznews.inIn her first media interview following the presentation of her ninth Budget, Finance Minister Nirmala Sitharaman discussed key proposals and defended tax increases on derivatives and secondary market transactions in sovereign gold bonds. Emphasizing stability in tax administration, she noted that most reforms had already been implemented, leaving little room for further changes. Sitharaman highlighted a focus on urban development, with ₹1,000 crore allocated annually for cities with populations over five lakh, and reiterated her commitment to farmers through various initiatives. She expressed confidence in meeting revenue projections, particularly in personal income tax, despite lower-than-expected collections. Addressing concerns over capital expenditure, she clarified that delays in fund release were due to pending utilization certificates from states. Sitharaman also introduced the "Orange Economy" initiative to enhance skills in creative industries and explained the rationale behind taxing secondary market transactions, aiming to deter speculative trading.
Published: Feb 02 2026, 10 pmeznews.inIndia's Finance Minister Nirmala Sitharaman announced a significant reduction in customs duty on goods imported for personal use, lowering the levy from 20% to 10% in her recent Budget presentation. This change applies to items brought by international travellers and those ordered online for personal consumption, addressing previously high levies that often surprised consumers at airports or during parcel deliveries. Analysts, however, suggest that the impact on cross-border e-commerce may be limited, as it constitutes a small segment of India's online retail market. The revised Baggage Rules also introduce higher duty-free limits of up to ₹75,000 per person and a trust-based settlement mechanism for honest travellers, aiming to create a more passenger-friendly customs regime. The duty cut is expected to ease the import process for individual buyers and reduce congestion at customs checkpoints, benefiting those purchasing personal items abroad.
Published: Feb 02 2026, 9 pmeznews.inIndia has recently overtaken Japan to become the world's fourth-largest economy, yet stark disparities in public health spending persist, with Japan allocating nearly 10-11% of its GDP to healthcare compared to India's 1.6-1.9%. The 2026 Budget saw a slight increase in healthcare allocation to ₹1,04,599 crore, but it remains insufficient to address the growing demand for medical services and technology. Key initiatives include a ₹10,000 crore commitment to establish India as a global biopharma hub and a focus on digital health infrastructure. The Budget also aims to enhance the Ayushman Bharat scheme, expand emergency care, and address workforce shortages by training 1 lakh Allied Health Professionals. While these measures signal progress towards a more inclusive and innovative healthcare system, experts caution that investment levels must rise significantly to bridge the gap between ambition and actual public spending needs.
Published: Feb 02 2026, 9 pmeznews.inSridhar Pinnapureddy, Founder and CEO of CtrlS Datacenter, has highlighted India's datacenter industry as poised for a transformative trillion-dollar investment cycle, driven by surging digital demand, geopolitical shifts, and supportive infrastructure policies. With over a billion people online and a burgeoning AI landscape, datacenters are now deemed critical national infrastructure. The sector is expected to reach 1.8 GW capacity by 2027, reflecting growing confidence in India's ability to support large-scale digital infrastructure. Ahead of the Union Budget 2026, Pinnapureddy called for policies that enhance predictability in capital deployment and energy access, including designating datacenters as critical infrastructure. He emphasized the need for power sector reforms to facilitate green datacenter growth and welcomed the budget's tax incentives for foreign companies, which aim to attract global cloud investments. The focus on indigenous capabilities through the India Semiconductor Mission 2.0 further strengthens the country’s technological sovereignty, positioning India as a leader in the global digital landscape.
Published: Feb 02 2026, 9 pmeznews.inIndia's Defence Budget for 2026-27 has seen a significant increase, rising to ₹7.84 lakh crore from ₹6.81 lakh crore last year, marking a 15.12% rise in real terms after accounting for inflation. This allocation, approximately 2% of GDP, reflects a shift from a declining trend in defence spending, which had reached a low of 1.9% of GDP. The budget emphasizes modernization and operational readiness, with a 21.67% increase in capital outlay for equipment and infrastructure, alongside a 17% rise in revenue allocation to address ammunition and maintenance deficiencies. However, the combined total for capital and operational sustenance remains only 46% of the overall budget, prompting calls for a target of 2.25% of GDP by 2030 to enhance India's military capabilities. This budget aligns with India's strategic autonomy and geopolitical aspirations, underscoring the need for robust defence preparedness amid global uncertainties.
Published: Feb 02 2026, 9 pmeznews.inIndia is strategically positioning itself to achieve its goal of becoming a developed nation by 2047 through a comprehensive framework of policy reforms and significant fiscal support, according to Rajkiran Rai G, Managing Director of the National Bank for Financing Infrastructure and Development (NBFID). The government’s focus on infrastructure modernization, with an estimated growth multiplier of three, aims to enhance connectivity and alleviate capacity constraints across transport, energy, and urban sectors. The Union Budget 2026-27 reflects this holistic approach, allocating ₹12.2 trillion for capital expenditure, emphasizing multi-modal connectivity and urban infrastructure. Notably, the establishment of an 'Infrastructure Risk Guarantee Fund' is expected to lower capital costs and encourage public-private partnerships. With a shift towards non-bank financing, NBFID has mobilized significant resources, sanctioning loans exceeding ₹3 trillion. As India seeks to blend investment and innovation, the budget aims to incentivize both domestic and foreign investments, fostering a sustainable growth trajectory.
Published: Feb 02 2026, 9 pmeznews.inIn a significant boost for Telangana, the Union Budget for 2026-27 has allocated a record ₹5,454 crore for railway projects in the state, as announced by Union Minister for Railways Ashwini Vaishnaw during a virtual press conference on February 2, 2026. This allocation marks a nearly sixfold increase compared to the average budget of ₹886 crore for the combined Andhra Pradesh from 2009 to 2014. Vaishnaw highlighted that Telangana is currently executing various infrastructure projects worth ₹47,984 crore, including three high-speed rail corridors originating from Hyderabad. These corridors are expected to drastically reduce travel times, with journeys between Hyderabad and Bengaluru taking just two hours, Hyderabad to Chennai 2 hours and 55 minutes, and Hyderabad to Pune 1 hour and 55 minutes. The new rail initiatives aim to enhance mobility and stimulate economic growth across the region.
Published: Feb 02 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