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US Senator Lindsey Graham announced that President Donald Trump has "greenlit" a Russia Sanctions Bill, which proposes imposing a staggering 500 per cent tariff on countries purchasing Russian energy, including India, China, and Brazil. This development rattled markets, leading to their steepest decline in over four months, with the Nifty 50 index falling below 26,000. The bipartisan bill, which has garnered significant support in Congress, could hinder India's prospects for a trade deal with the US unless the Supreme Court overturns Trump's existing tariffs, a ruling expected soon. Graham emphasized that the bill would provide Trump with substantial leverage to persuade nations to cease buying Russian oil. Meanwhile, exporters are diversifying their markets amid rising tariffs, with experts noting the complexities of implementing such high tariffs on services. The situation remains fluid as stakeholders await the Supreme Court's decision on the legality of the tariffs. 
Published: Jan 08 2026, 8 pmeznews.inIndia's Union Budget for the Financial Year 2026-27 is set to be unveiled on February 1, 2026, with stakeholders keenly observing potential changes, particularly in income tax slabs and interest rates for senior citizens. However, the government's ability to implement significant tax reforms may be constrained by a targeted fiscal deficit of 4.4% for FY26, amid global economic uncertainties, including potential US tariffs on Russian crude. Inflation has recently dipped to a historic low of 0.25% in October, slightly rising to 0.71% in November, allowing room for monetary easing. The economy is projected to grow at 7.4% in FY26, with expectations for FY27 ranging between 6.7% and 7.5%. Taxpayers hope for further relief to stimulate consumption, with speculation around adjustments to the new tax regime, which has seen over 75% adoption, potentially phasing out the old system.
Published: Jan 09 2026, 3 pmeznews.inIndia's economic recovery appears fragile, according to former Chief Economic Adviser Arvind Subramanian, who expressed concerns over potential risks from rising US tariffs and increased imports of low-cost Chinese goods. Despite government data indicating a 7.4% growth for the fiscal year ending in March, Subramanian cautioned that this figure may be misleading due to measurement issues, particularly an unusually low deflator used in GDP calculations. He noted a deceleration in nominal indicators and high-frequency data, suggesting that the economy's recovery is not assured. Subramanian also highlighted the impact of US trade policies, including punitive tariffs linked to India's oil purchases from Russia, and warned of the challenges posed by "Chinese mercantilism." He called for greater flexibility in India's currency policy to support exporters amid external shocks, while noting that the Reserve Bank of India's interventions in currency markets may need reassessment.
Published: Jan 09 2026, 2 pmeznews.inHD Hyundai has bolstered its shipbuilding collaboration with the Tamil Nadu government following a delegation visit to its Ulsan shipyard in South Korea. The delegation, led by TRB Rajaa, Tamil Nadu's Minister for Industries, included five officials who explored the shipyard's operations for commercial and special-purpose vessels. This visit comes after a memorandum of understanding signed in December 2022 for a new shipyard's construction. As part of India's Maritime Amrit Kaal Vision 2047, aimed at establishing the country as a global shipping hub, Tamil Nadu has been identified as a key site for a dedicated shipbuilding cluster. Rajaa emphasized that this partnership with HD Hyundai, a leading global shipbuilder, will lay the groundwork for India's shipbuilding ecosystem and create quality jobs. HD Hyundai officials expressed that this engagement aligns with their regional market expansion strategy, highlighting India's commitment to enhancing its shipbuilding industry.
Published: Jan 09 2026, 2 pmeznews.inIndia's exports to China have surged by 33% to $12.22 billion during the April-November period of the current fiscal year, according to commerce ministry data. This marks a significant rebound from previous years, where exports were $9.2 billion in 2024-25, $9.89 billion in 2022-23, and $10.28 billion in 2023-24. The increase is attributed to a diverse range of products, including oil meals, marine products, telecom instruments, and spices, indicating a structural shift in trade relations. Notably, the electronics sector saw substantial growth, with exports of populated printed circuit boards skyrocketing from $23.9 million to $922.4 million. Additionally, agricultural exports such as dried chilies and shrimp, along with base metals like aluminium and refined copper, contributed to this upward trend. Industry experts suggest that Indian exporters are diversifying their markets due to high tariffs in the US, seeking more competitive opportunities abroad.
Published: Jan 09 2026, 2 pmeznews.inAkasa Air has officially joined the International Air Transport Association (IATA), a global grouping representing over 360 airlines, including major Indian carriers like Air India and IndiGo. The airline achieved this milestone after successfully completing the IATA Operational Safety Audit (IOSA), a prerequisite for membership. IATA's Regional Vice President for Asia-Pacific, Sheldon Hee, expressed enthusiasm about Akasa Air's inclusion, highlighting India's vast aviation potential, which supports 7.7 million jobs and contributes $53.6 billion to the economy. With a fleet of 31 Boeing 737 MAX aircraft, Akasa Air currently operates flights to 26 domestic and six international destinations. Founder and CEO Vinay Dubey noted that IATA membership will enhance the airline's global credibility and position it as a forward-looking player in the international aviation market.
Published: Jan 09 2026, 12 pmeznews.inComplaints regarding delayed income tax refunds have surged, with less than 15% resolved by the Central Board of Direct Taxes (CBDT) in the first eight days of January, according to CPGRAMS data. Social media is rife with frustration, as many taxpayers report waiting months for refunds despite timely filings. CBDT's recent data indicates a decline in refund disbursements, prompting concerns over the impact on the budget. The CBDT's Central Action Plan for FY26 aims to expedite refunds, setting a seven-day timeline for processing under Section 143(1) and 15 days for other cases, while eliminating dependencies that could cause delays. Experts attribute the prolonged processing times to enhanced verification protocols and data-matching mechanisms designed to prevent erroneous claims. Taxpayers are encouraged to check their refund status online and address any discrepancies to facilitate quicker processing.
Published: Jan 09 2026, 11 ameznews.inConsumer staple companies are poised for a gradual demand recovery starting in the fourth quarter of FY26, according to a report by Motilal Oswal. The anticipated improvement is attributed to stabilising trade conditions following the recent GST reduction and various government initiatives aimed at boosting consumption. The report highlights that resilient rural demand and a positive shift in urban market sentiment will drive this recovery. After facing disruptions for about 40-45 days post-GST 2.0 implementation, businesses are now experiencing a rebound, aided by partial restocking and strategic pricing adjustments. The upcoming winter season is expected to further enhance consumption, particularly for health supplements, personal care items, and hot beverages. As trade normalises, the report suggests that companies will report improved revenue growth, reflecting underlying demand conditions, with a sustained push from supportive government measures and seasonal trends.
Published: Jan 09 2026, 10 ameznews.inIsolated to moderately heavy rain is beginning to affect the Puducherry-Kaveripattinam-Thanjavur region along the Tamil Nadu coast as a deep depression approaches the eastern coast of Sri Lanka. The India Meteorological Department (IMD) has identified the system, located 160 km east of Pottuvil, which is expected to make landfall between Trincomalee and Jaffna on Saturday afternoon. In Tamil Nadu, light to moderate rainfall is anticipated, with heavy rain in isolated areas. Fishermen are warned against venturing into affected waters. Meanwhile, Sri Lanka is bracing for heavy rainfall and strong winds, with gusts reaching up to 70 km/h across several provinces. The Sri Lanka Meteorological Department has issued advisories for cities including Jaffna and Trincomalee. The US Climate Prediction Centre suggests that wet conditions may persist in southern India until mid-January, with further disturbances expected in early February.
Published: Jan 09 2026, 10 ameznews.inIn a recent podcast, US Commerce Secretary Howard Lutnick revealed that a trade deal between the United States and India stalled because Prime Minister Narendra Modi did not reach out to President Donald Trump. Lutnick's comments followed Trump's criticism of India's ongoing purchases of Russian oil and a warning that tariffs on Indian goods could be raised swiftly. The two nations have conducted six rounds of negotiations aimed at resolving a 50% tariff on Indian imports to the US. Lutnick noted that while the US successfully negotiated trade agreements with countries like Indonesia, the Philippines, and Vietnam, he had anticipated that a deal with India would be finalized first. He expressed frustration over India's delayed response, suggesting that the terms may now be less favorable due to the timing of the negotiations.
Published: Jan 09 2026, 10 ameznews.inIndia is projected to achieve a growth rate of 6.6% in 2026, maintaining its status as the world's fastest major economy, according to the United Nations' World Economic Situation and Prospects 2026 report. This growth, although a moderation from 7.4% in 2025, is attributed to resilient private consumption, robust public investment, and recent tax reforms, which are expected to counterbalance the adverse effects of high US tariffs on exports. The report highlights that while certain product categories may be impacted, key exports like electronics and smartphones are likely to remain exempt. Strong demand from markets in Europe and the Middle East, alongside continued expansion in manufacturing and services, will further support growth. Additionally, falling inflation and stable employment indicators contribute to a positive economic outlook, with the Reserve Bank of India potentially lowering interest rates to stimulate further growth.
Published: Jan 09 2026, 9 am
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